Teachers’ Retirement System (TRS) of the State of Illinois expects to invest $900m (€885m) in real assets in fiscal 2023, according to the pension fund’s meeting document.
For the new fiscal year which started last month, TRS Illinois intends to make $400m worth of opportunistic real estate fund commitments and place $500m into a mixture of infrastructure, timberland or agriculture funds.
The potential real estate investments in fiscal 2023 will target property types of industrial, adult communities, medical offices and self-storage assets.
TRS Illinois disclosed in the meeting document that it would not pursue a new core separate account real estate relationship during the period. The pension fund declined a request for further comment.
TRS Illinois currently has an $11bn real assets portfolio, representing 16.8% of the pension fund’s total plan assets. The long-term allocation target for the real assets portfolio is 18%.
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