Illinois State Universities Retirement System (SURS) has expanded its real assets portfolio into farmland with a $60m (€51.4m) commitment to a Homestead Capital fund.
The pension fund said in a meeting document that it has committed the capital to the Homestead Capital USA Farmland Fund III, a US-only fund reportedly seeking to raise $700m for value-add transactions in a mixture of row and permanent croplands.
Illinois SURS also said, on the recommendation of its investment consultant Callan, it has decided to rescind an earlier decision to redeem its $84m investment held in the underperforming UBS Trumbull Property Fund and take the manager’s 25% fee discount for a four-year commitment.
The $15.1bn Trumbull fund’s redemption pool now stands at $8.3bn.
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