The Illinois Municipal Retirement Fund (IMRF) has approved commitments of up to $100 million to real assets, according to materials from March 28, 2025.
IMRF has committed up to $50 million to Virtus Real Estate Capital IV, a value-add, closed-end fund that invests in affordable housing, medical office, self-storage, senior housing and student housing in the United States. It has a fundraising goal of $900 million. Its predecessor, Virtus Real Estate Capital III, closed at $578 million in equity.
IMRF also committed up to $50 million to Kayne Attainable Housing Fund, a value-added, closed-end fund sponsored by Kayne Anderson that invests in multifamily properties in the United States. It has a fundraising goal of $750 million.
IMRF is a public pension fund with $55.4 billion in total assets under management, as of Dec. 31, 2024. As of then, it had a 9.5 percent real estate allocation target, with $4.7 billion in total real assets.
