Teachers’ Retirement System of the State of Illinois has approved a $100m (€86.6m) commitment to Locus Point Capital’s latest US healthcare real estate debt fund.
The pension fund made the allocation to Locus Point Private Credit Fund IV via its $21.8bn private income portfolio.
According to SEC filings from June, the fund is targeting a $750m raise. Locus Point previously closed the third vehicle in the series at $668m in June last year.
Fund IV will provide senior loans, subordinated debt and preferred equity for value-add healthcare real estate, targeting senior housing, assisted living and long-term care assets.
The fund targets lower middle-market transactions between $2m and $10m, aiming for net returns of 12% to 14%.
Illinois Teachers has also added a new manager to its $13.4bn real assets portfolio, committing $100m to Partners Group Infrastructure Secondaries, marking its first investment with Partners Group.
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