Illinois Municipal Retirement Fund has made two separate $35m (€30.1m) commitments to US shopping centre real estate funds managed by Newport Capital Partners and Longpoint Partners funds.
The pension fund said it committed the capital to the Newport Capital Partners Fund IV and the Lena Specialty Grocer Fund III funds.
According to sources, Newport Capital is seeking to raise $300m for Fund IV to target value-add neighbourhood shopping centres in densely populated markets across the US.
Newport Capital’s active markets include Houston, Austin, Orlando, Nashville and Dallas/Forth Worth. The fund targets a gross internal rate of return (IRR) of 13% to 16% and a net IRR of 11% to 13%.
Longpoint’s Lena Specialty Grocer Fund III is a core-plus fund that invests in grocery-anchored shopping centres.
Illinois Municipal Retirement said it also approved a $75m commitment to TA Realty Value-Add Fund XIV, a TA Realty fund that targets a diversified portfolio of US assets.
The pension fund also committed $50m to Artemis Real Estate Partners Healthcare Fund III, a fund seeking to raise $1.5bn to invest in senior housing, medical office and debt.
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