Brookfield Asset Management’s fifth global opportunistic real estate fund has received $175m (€163.8m) worth of commitments from Illinois State Universities Retirement System (SURS) and the South Carolina Retirement System.
Illinois SURS and South Carolina Retirement have approved $75m and $100m respectively to Brookfield Strategic Real Estate Partners (BSREP) V, a fund with a hard cap of $15bn.
Fund V will be investing capital into a mixture of traditional and non-traditional property types like industrial, apartments, hotels, and mixed-use assets. The fund targets a net internal rate of returns of 16%.
Illinois SURS is planning to make more investments through its real assets portfolio in the current fiscal 2024 year which commenced in July.
The amount of capital expected to be invested, via funds, is currently unknown.
For the fiscal 2023 year that ended 30 June, Illinois SURS issued $240m worth of commitments into non-core real estate and farmland.
The pension fund’s investment plan for fiscal 2024 is expected to include commitments to both global real estate and infrastructure.
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