Teachers’ Retirement System of the State of Illinois (TRS Illinois) has approved three new commitments worth $800m (€810.2m) in total within its real assets portfolio.
The pension fund said it has placed $300m into the Brookfield Infrastructure Fund V (BIF V), $200m into the KKR Diversified Core Infrastructure Fund and $300m into the Starwood Capital Group Value-Add Fund II, a real estate fund managed by Starwood Capital.
Brookfield is seeking to raise $25bn for BIF V, a global infrastructure fund. Back in May, IPE Real Assets reported that the fundraising for BIF V is expected to be oversubscribed.
KKR will be issuing a co-investment of at least $500m into Core Infrastructure Fund, a global open-ended fund which targets 7% to 9% net returns and 8% to 10% gross internal rate of return. The Core Infrastructure Fund will be investing in existing projects, assets and businesses located in the OECD countries in North America, Western Europe and developed Asia.
Starwood Capital is known for investing in a variety of property types for its private equity real estate funds.
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