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Investors - MAY 17, 2022

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Michigan Office of Retirement Services backs BentallGreenOak, IDR funds

by Kali Persall

The $8.3 billion Michigan Office of Retirement Services has made follow-on commitments to two real estate funds.

Michigan put $100 million each in BentallGreenOak Europe Fund IV and IDR ODCE Index Fund, representing re-ups from previous funds.

The pension fund previously committed €75 million ($78 million) to BentallGreenOak Europe III and €25 million ($26 million) to BentallGreenOak Europe III Co-invest in 2020, and $75 million to BentallGreenOak Cold Storage in 2021.

The latest fund, BentallGreenOak Europe Fund IV, is a value-added closed-end fund managed by BentallGreenOak that invests across the major real estate food groups in Europe.

The other real estate commitment was made to IDR ODCE Index Fund, an open-ended vehicle managed by IDR Investment Management. The fund was reportedly one of the first open-end private equity real estate funds designed to track the NCREIF NFI-ODCE Index. The fund’s design mirrors the NCREIF NFI-ODCE metrics of prop

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