Illinois Municipal Retirement Fund has made $100m (€95m) worth of real assets investments by committing to a US real estate debt fund by Basis Investment Group and a broadband and communications-focused fund managed by Grain Management.
The pension fund said it has approved a $75m commitment to BIG Real Estate Fund III and placed $25m into Grain Communications Opportunity Fund IV.
The fundraising target for the Basis Investment fund is currently undisclosed. Illinois Municipal made a $50m commitment to the previous fund in the series which closed in November 2021 at $832m.
Fund III will invest in US acquisitions, refinancings and recapitalisations.The fund targets a net internal rate of return of 9% to 11%, with the debt backed by hotels, industrial, multifamily, office and retail properties.
Basis Investment did not respond to a request for comment.
The Grain Fund IV is seeking to raise $4bn to invest in a diverse range of non-core assets.
The fund will mainly focus on identifying and acquiring assets in North America, with a smaller portion of capital allocated to infrastructure investments in Western Europe.
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