Illinois Municipal Retirement Fund (IMRF) has approved a $50m (€46.5m) commitment to Brasa Capital Management’s new US opportunistic real estate fund.

IMRF said it committed the capital to Brasa Real Estate Fund III.

Brasa did not respond to a request for comment. Last year, the fund manager raised $450m at the close of the predecessor Brasa Real Estate Fund II fund.

The latest fund will mainly invest in mid-market-sized multifamily and industrial assets worth between $5m to $15m in the west region of the US or Texas.

Brasa is known for a variety of investment structures including real estate debt, mezzanine loans, preferred equity and joint venture equity.

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