Illinois Municipal Retirement Fund (IMRF) has approved a €50m commitment to Ares Management Corporation’s sixth European real estate fund

The pension fund said it has backed the Ares European Real Estate Fund VI fund.

According to sources, the commitment from IMRF is one of the initial commitments to be issued to the new Ares fund. It is currently unknown how much capital the fund is planning to raise.

The value-add fund will be looking for opportunities to acquire undermanaged or underfunded assets out of distressed ownership structures or complex situations.

Ares did not respond to a request for comment.

Ares raised €1.8bn for its fifth European real estate fund in August 2019.

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