Illinois Municipal Retirement Fund, Oak Brook, committed a total of up to $208 million to commingled real estate fund managers Ares Management, Resolution Property and GTIS Partners.
The $33.7 billion pension fund committed up to $50 million to Ares European Real Estate IV; up to £50 million ($83 million) to Resolution Real Estate Fund IV, a pan-European fund; and up to $75 million to GTIS Brazil Real Estate Fund III.
An RFP for commingled real estate managers focused on Europe and/or Latin America was issued in December. The pension fund's board in November increased its real estate investment target to 8% from 6% as part of a new strategic asset allocation that also lowered targets to fixed income and international equity.
Callan Associates, the pension fund's investment consultant, assisted.
