Illinois SURS selects 2 to run direct real estate investments

Illinois State Universities Retirement System, Champaign, hired RREEF and UBS Realty Advisors to run $150 million and $120 million, respectively, in direct real estate investments, said James M. Hacking, executive director of the $13.28 billion fund. Previously, the system had 2.9% of assets allocated to real estate, all in REITs. Sources of the funding could be decided in March, when trustees review target asset allocations for rebalancing, he said.