Illinois fund boosts real estate allocation

The Illinois State Universities Retirement System, Champaign, raised its target real estate allocation to 7% from 2% of plan assets and will search for managers to run the additional money, said John R. Krimmel, SURS chief investment officer. Officials for the $12.7 billion pension fund plan to work with consultant Ennis Knupp to develop of list of possible commingled real estate fund managers later this year, he said. The system hasn't decided on details for this initial search. James M. Hacking, executive director of SURS, estimates it will take about three years to achieve the target, saying the system will be looking at real-estate managers on an opportunistic basis.