IMRF makes $50m re-up commitment to Brasa Real Estate Fund III

The Illinois Municipal Retirement Fund (IMRF) has approved a re-up commitment of up to $50 million to Brasa Real Estate Fund III, managed by Brasa Capital Management.

Brasa is an opportunistic real estate investment manager based in Los Angeles. The firm targets middle-market commercial real estate investments in the Western United States and Texas. Brasa manages both discretionary commingled funds and separate accounts on behalf of institutional and high-net-worth investors.

IMRF is an existing investor in Brasa funds, previously committing $30 million with the manager.

In other news, the board has recommended changes to the investment committee charter and investment policy statement. Among the changes, IMRF decided to decrease the maximum commitment to any one private real asset and alternatives investment manager to 35 percent from 40 percent.

As of Dec. 31, 2022, IMRF’s total portfolio was valued at $47.9 billion.