Illinois State Universities Retirement System (SURS) has committed up to $50m to Belay Ventures Fund IV, marking its first investment with real estate manager Belay Investment.
The commitment is conditional on the commitment not exceeding 10% of Fund IV’s total capital commitments.
The targeted capital raise for Fund IV is currently unknown. Belay raised at least $900m for Fund III.
Illinois SURS views Fund IV as a value-add fund. The majority of the capital will be allocated to US programmatic joint ventures established with local operating partners.
The fund will invest in small to mid-sized transactions across various property types, including office, industrial, retail, apartments, cold storage and mixed-use projects. Belay has historically focused on markets such as Dallas, Tampa and Southern California.
Belay did not respond to a request for comment.
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