Illinois State Board of Investment, Chicago, committed an additional $200 million to ING Clarion, raising to $500 million the board’s total commitment to an existing separate account of the real estate manager, said William R. Atwood, executive director.
With the move, ING Clarion will have $311 million in uninvested commitments from ISBI. ING Clarion already invested $189 million of the board’s initial $300 million commitment.
Mr. Atwood said it could take 18 to 24 months to invest the remaining commitments.
Real estate consultant Townsend Group recommended the change.
The board oversees $10.4 billion in pension assets.