Illinois State Universities Retirement System (SURS) has approved a $225m (€215.7m) commitment to Clarion Lion Properties Fund, a core open-ended fund managed by Clarion Partners.

The amount invested by the $23.5bn pension fund exceeds the $125m the pension had planned to invest in real estate for the fiscal 2022 year which ends in September.

The investment follows the pension fund’s decision to increase the targeted allocation for its real assets portfolio from 10% to 13%. The real assets portfolio mainly invests in both real estate and infrastructure assets.

The Clarion fund, which had a net asset value of over $12bn in 2021, has a strategic overweight to industrial assets, a growing exposure to life science properties and no exposure to regional or super-regional malls.

Illinois SURS already invests in core open-ended real estate funds via managers like Heitman, BlackRock, JP Morgan, Prologis, Carlyle and UBS.

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