Illinois Municipal Retirement Fund (IMRF) has made two new real estate fund commitments worth $150m (€133.3m) in total.

The pension fund said it has approved a $100m commitment to Artemis Real Estate Partners Fund IV and $50m to BIG Real Estate Fund II.

Artemis Real Estate Partners is seeking to raise $1.5bn for its fund which targets value-add acquisitions in the US.

Basis Investment Group seeks to raise $550m and a $750m hard cap for its real estate debt investment fund. The fund will be providing debt for acquisitions, refinancings and to recap existing properties.

Fund II targets a net internal rate of return of 9% to 11%.

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