Illinois Municipal Retirement Fund (IMRF) has committed capital to a distressed global real estate fund managed by Starwood Capital and an opportunistic US industrial and residential fund managed by Grandview Property Partners.
The pension fund disclosed in a board meeting document that it had approved a $100m (€94m) commitment to the Starwood Distressed Opportunity Fund XIII Global and placed $50m into the Grandview III fund.
The Starwood fund expects 45% to 55% of its investments in North America and 35% to 35% in Europe, with the potential for 0% to 10% of the investments being made in Asia. The fund’s strategy involves acquiring undervalued assets, taking public entities private, and forming investment platforms.
As previously reported, Starwood is seeking to raise $10bn for Fund XIII.
The fundraising target for the Grandview fund is currently unknown. The previous fund in the series had a hard cap of $500m.
The Grandview fund series is known for investing capital in middle-market multi-family, single-family and manufactured housing as well as industrial and self-storage.
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