Illinois Municipal Retirement Fund (IMRF) has approved two new commitments to real estate funds totaling $100m (€97.1m), according to the pension fund’s latest board meeting summary.
It hsa committed $50m to the Star Lake Opportunity Fund V, a value-add and opportunistic vehicle managed by JP Morgan Asset Management.
According to IMRF, the fund is expected to raise $1.2bn. JP Morgan AM declined to comment.
New York State Common Retirement Fund (NYSCRF) is among investors in the fund, having committed $300m in 2024.
The fund is targeting a net return of 15% by investing in residential and industrial assets, according to NYSCRF.
IIMF also approved a $50m commitment to TA Realty Residential Real Estate Fund, an open-ended that invests in US apartments.
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