Teachers’ Retirement System of the State of Illinois (TRS Illinois) intends to invest $700m (€600m) in real assets during its 2026 fiscal year, according to its latest pacing plan set out at a recent board meeting.
This level of investment would take its real assets commitments to $830m, according to documents filed by the pension fund.
The breakdown of possible commitments includes $400m in real estate and $300m in other real assets, recommended and managed by StepStone.
TRS Illinois also said it is mostly targeting non-core assets, including vaue-add and opportunistic strategies, with $50m is planned for emerging markets.
The new commitments planned for real estate could also include non-traditional investment strategies such as co-investments, secondaries and special situations.
The new investments in real estate could be partially offset by sales from its separate accounts. These would be non-strategic properties with a particular focus on regional malls and office buildings, which the pension fund hopes will position it better for the long term.
The $300m set for other real assets would include commitments for infrastructure, an asset class already earmarked in its 2025 pacing plan.
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