Teachers’ Retirement System (TRS) of the State of Illinois is expected to invest $775m (€673.1m) in real assets in fiscal 2022, according to the pension fund’s meeting document.
The $64bn (€53.3bn) pension fund expects to invest $625m of the new capital it intends to invest during the fiscal 2022 year ending 30 June into real estate via opportunistic funds.
The remaining $150m is expected to be placed into other real assets like infrastructure, timberland or agriculture.
Real assets accounts for $8.9bn or 13.9% of the pension fund’s total portfolio, compared with a long-term allocation of target of 18%. The real estate investments within the real assets portfolio is valued at $8.2bn.
Separate account manager relationships make up 65.1% of its existing real estate portfolio.
The pension fund said it intends to continue selling non-strategic separate account assets to help position the real estate portfolio for the long term.
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