Illinois State Universities Retirement System, Champaign, committed $75 million to Mesirow Financial Institutional Real Estate Investment Program II and $50 million to Franklin Templeton Private Real Estate Fund, according to Daniel L. Allen, chief investment officer.
The moves are part of SURS' effort to bring its real estate allocation to its 10% target from 7% under a new asset allocation it adopted last June for its $13 billion defined benefit fund, Mr. Allen said in an e-mail.
“In the fall of 2012, SURS will provide an update of the current real estate funding plan and discuss strategies to be considered for the next phase of the expansion of the real estate program,” Mr. Allen wrote in the e-mail.
The hirings are the result of a search SURS began in October.
Investment consultant Callan Associates assisted.