Illinois Municipal Retirement Fund (IMRF) has disclosed approving a $50m (€42.3m) commitment to Crow Holdings Development Opportunities Fund I as part of $150m worth of new real estate fund investments made by the $45.2bn pension fund.

Real estate manager Crow Holdings is known for developing various property types including industrial and apartment assets. The manager recently announced a $1bn industrial development partnership in the US with Mubadala Investment Company.

IMRF said it has also approved a $100m commitment to Blackstone Real Estate Partners Asia III (BREP Asia III), Blackstone’s latest Asia real estate fund.

According to sources, Blackstone expects the fundraise for BREP Asia III to exceed the $7bn it raised for BREP Asia II, its second Asia opportunity fund which invests in existing assets and developments – through debt and equity acquisitions – in China, India, Japan

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