Illinois Police Officers’ Pension Investment Fund has completed the first phase of its value-add real estate manager search, approving a $250m (€222.5m) commitment to TA Realty’s latest US fund.
The pension fund disclosed in a board meeting document that it committed the capital to TA Realty Value-Add Fund XIV, which has raised $1.8bn in commitments through 30 July, according to an SEC filing.
The fund is targeting a total raise of $2bn.
Illinois Police Officers has $200m in capital remaining to complete the real estate request for proposals search launched in April. The board plans to select the remaining manager or managers at its December meeting.
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