Illinois Municipal Retirement Fund (IMRF) has approved a $100m (€89.8m) commitment to the latest Crow Holdings value-add real estate fund.
The pension fund said it is investing the capital in the Crow Holdings Realty Partners IX fund which is currently raising an unknown amount of capital.
The fund manager raised $1.34bn for the predecessor fund in August 2018, according to sources.
IMRF’s commitment follows $150m worth of capital commitments its made with the manager in the past.
The Crow Holdings Realty Partners fund series has a history of investing capital in a mixture of traditional and non-traditional property types.
The fund manager – which typically places around 65% leverage on its funds – has in the past targetted a 5% to 7% annualised returns and levered enhanced real returns of 8% to 10%.