Teachers’ Retirement System of the State of Illinois (TRS Illinois) has added Tristan Capital Partners to its real estate manager lineup by way of a capital commitment into the manager’s European opportunity fund.

The $51.6bn (€45.25bn) pension fund said it will commit €87m into the manager’s European Property Investors Special Opportunities 5 (EPISO 5).

Tristan Capital is planning to raise €1.5bn for EPISO 5, which will target returns of 12-14%. The fund will target a mixture of office, industrial, retail and residential assets.

Illinois Teachers said it has also approved a new commitment of $150m into the $7.7bn Clarion Lion Industrial Trust.

Clarion Partners, the manager of the fund, oversees a portfolio valued at $406.8m (€357.8m) for TRS Illinois.

Most of the capital for the fund is invested in existing US bulk distribution and warehouse assets. There’s also the option of investing a small portion of capital into build-to-core development or other value creation strategies.

 

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