Illinois State Universities Retirement System, Champaign, committed $75 million to Brookfield Strategic Real Estate Fund V.
The $22.9 billion pension fund's board approved the commitment to the global opportunistic real estate fund managed by Brookfield Asset Management at its Sept. 8 meeting, spokesperson Beth Spencer said.
SURS previously committed $75 million to Brookfield Strategic Real Estate IV in 2021 and $35 million to Brookfield Strategic Real Estate III in 2018.
As of July 31, the pension fund's actual allocation to nontraditional growth (which consists of noncore real estate and private equity) was 16.7%; its long-term policy target is 16%.
Also at its Sept. 8 meeting, the board approved the fiscal year 2024 investment plan, which includes committing a total of $500 million to six to eight private credit funds during the fiscal year ending June 30, 2024. The report on the FY2024 investment plan did not specify pacing plans for other alternatives.
As of July 31, the pension fund's actual allocation to stabilized growth (which consists of public credit fixed income, private credit, core real assets and options strategies) was 15.6%; its long-term policy target is 17%.