Retirement system switches real estate consultants
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.