Teacher Retirement System of the State of Illinois is working to increase its exposure to industrial assets and is investing in two funds managed by Exeter Property Group.
Illinois TRS told IPE Real Assets that it would seek to address its underweight position over the next 12 months.
The pensioin fund stated: “TRS has a modest underweight currently to the industrial property type. In the coming year, the retirement system will strive to bring industrial to a more neutral weighting within its real estate portfolio.”
Two new fund commitments have already been approved: a €200m investment in Exeter Europe Industrial Core Fund and $100m (€89.5m) investment in Exeter Industrial Value Fund V.
It means Illinois TRS will be one of the first investors in the European Industrial Core Fund, which plans to invest across Europe, while also joining what is expected to be Exeter’s largest-ever US fund.
“TRS plans to continue to make prudent investments in international markets,” the pension fund said.
“The Exeter relationship helps address our goal of continued international investments and bringing industrial to a neutral weighting.”
Illinois TRS also disclosed that it has decided to retain StepStone Group as its real estate consultant for another five years after allowing other companies to compete for the new contract.
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