Investors - DECEMBER 15, 2014

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Retirement system switches real estate consultants

by Reg Clodfelter

The Teachers’ Retirement System of Illinois has hired Courtland Partners to be the new consultant for its $5.7 billion real estate portfolio, replacing San Francisco–based Callan Associates. Courtland has been hired to a five-year contract.

Illinois TRS has a long-term real estate target allocation of 14 percent, and had invested 12.5 percent of its $43.59 billion in assets into real estate as of March 31, 2014.

In August, the pension plan committed $300 million to Invesco Real Estate as part of its fiscal year 2015 tactical investment plan. Prior to the commitment, Invesco Real Estate managed $671 million in Illinois TRS assets.

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