Illinois Municipal Retirement Fund has made $100m (€92.4m) worth of commitments to Kayne Anderson Real Estate and Virtus Real Estate Capital-managed US funds, completing a residential real estate request for proposal it issued in October last year.

The pension fund said it has made a $50m commitment each to the Kayne Attainable Housing Fund I and the Virtus Real Estate Capital Fund IV funds.

Kayne Anderson’s Attainable Housing Fund is seeking to raise $500m, with a $750m hard cap, according to sources.

It will acquire and develop Class B residential properties targeting middle-market renters in high-growth US markets, employing both value-add and new development strategies. The fund’s assets include properties in Boston, Tennessee, Atlanta and New Jersey.

Kayne Anderson declined a request for comment.

Sources indicate that Virtus Real Estate has secured $375m in capital commitments for its Fund IV, which aims to raise $750m with a hard cap of $900m.

IPE Real Assets understands that the fund’s investment strategy focuses on both existing and new alternative housing assets, with an anticipated allocation of 70-80% to this sector.

Virtus Real Estate declined a request for comment.

This article has been updated to clarify that the information regarding Virtus Real Estate’s fundraising and investment strategy is based on an unnamed source.

To read the latest IPE Real Assets magazine click here.

Topics