Illinois Municipal Retirement Fund, Oak Brook, committed $50 million each to Cornerstone Real Estate Advisers Fund VIII and TA Associates Realty Fund X, according to Linda Horrell, IMRF communications manager.
The $26.3 billion plan made the moves to raise its real estate allocation closer to its 6% target and for diversification, Ms. Horrell said in an e-mail. As of June 30, it had $542 million, or a 2.1% allocation, in real estate, according to a report by Callan Associates, the plan’s investment consultant.
Assets will come from reducing an index fund run by Northern Trust Global Investments, which manages five such funds for the IMRF: $1.3 billion in S&P 500 growth, $723 million in S&P 500 value, $2 billion in U.S. large-cap core, $1.9 billion MSCI EAFE index fund and $1.3 billion in a Barclays Capital Aggregate index fund. Ms. Horrell didn’t specify the fund.
Further information was unavailable.