Illinois Municipal Retirement Fund (IMRF) has approved a $100m (€85.3m) commitment to CBRE Global Investors’ US value-add real estate fund, according to the pension fund.
IMRF is backing CBRE Strategic Partners US Value 9, a fund that raised half of its $2bn fundraising target during its second close in September last year. Fund 9 targets real estate assets like apartments, industrial, retail, office and mixed-use.
The $45.2bn pension fund’s commitment is its first real estate investment following a real estate allocation increase from 8% to 9% in December last year.
Through September of last year, IMRF had invested $2.9bn or 6.5% of its total plan assets in real estate.
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