The Illinois Municipal Retirement Fund has approved a $75m (€71.6m) commitment to the Oak Street Real Estate Capital Fund IV.

The fund’s strategy is to invest on a net-lease basis, with properties typically occupied by single tenants on a long-term basis.

The value of properties is usually increased through rent escalations in the lease.

Assets can be a mixture of office, industrial and retail properties.

The commitment with Oak Street Capital is the latest real estate investment by Illinois Municipal that involves minority and/or female-owned real estate managers.

The US pension fund made other commitments of this type last year, including $30m to Long Wharf Estate Partners and $25m to Artemis Real Estate Partners.

Illinois Municipal has approved a $75m commitment into the Crow Holdings Realty Partners VIII fund.

Crow Holdings is planning on a $1bn capital raise for the fund, which has a value-add investment strategy where capital could be invested in a mixture of redevelopment and repositioning opportunities.

All of the capital will be invested in a variety of US markets, with a significant portion of the fund invested in the South.

Some capital will be placed in the traditional property types of office, industrial, retail and apartments.

Non-traditional property types, such as self-storage and student housing, will also form part of the portfolio.