Illinois Municipal Retirement Fund (IMRF) has disclosed approving a $75m (€66m) commitment to TA Realty Value-Add Fund XIII, TA Realty’s latest US value-add real estate fund.

It is currently unknown how much capital TA Realty intends to raise for the latest fund.

TA Realty raised $1.2bn for the predecessor fund which closed in March 2020.

The fund manager’s value-add fund series is known for investing in industrial, office, multifamily and grocery-anchored shopping centres in major US markets.

TA Realty declined a request for comment.

IMRF also disclosed that it has decided to move its real estate portfolio into its real asset portfolio which includes agriculture, infrastructure and timberland.

“The risk/return profiles of agriculture, timberland and infrastructure better align with real estate in comparison to private equity/private credit,” the $56.8bn pension fund told IPE Real Assets.

According to IMRF, real estate – which has no allocation target within the private real assets portfolio – is expected to be the majority and dominant asset class in the real assets portfolio.

The allocation for real assets is 10.5%.

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