TRS Illinois contributes $100m to Locust Point Private Credit Fund III

The $60.7 billion Teachers’ Retirement System (TRS) of the State of Illinois has committed $100 million to Locust Point Private Credit Fund III, a vehicle managed by Locust Point Capital.

According to a recent investment report, the investment was made on behalf of the pension fund’s $15 billion income portfolio.

Locust Point Capital provides subordinate debt, preferred equity and opportunistic senior mortgage loans to owner-operators in the seniors housing and care sector. The owner-operators use the fund’s capital to acquire, build, expand or renovate assisted living, memory care and skilled nursing facilities throughout the United States.

As of November, Locust Point Private Credit Fund III had secured more than $242 million of equity commitments.

Locus Point currently manages $76.4 million in TRS Illinois assets.