TRS Illinois issues RFP for real estate consultant, backs Lone Star fund
Teachers’ Retirement System of the State of Illinois (TRS Illinois) is investing in Lone Star’s sixth real estate fund and plans to issue a request for proposal for a consultant for its $7.4bn (€6.6bn) real estate portfolio.
TRS Illinois said it approved a $300m commitment to the Lone Star Real Estate Fund VI at last week’s board meeting.
Lone Star already manages a $154m real estate portfolio on behalf of the pension fund.
Lone Star is seeking to raise $3bn for Real Estate Partners VI, a fund that will make debt and equity investments in Western Europe, North America and Asia.
TRS Illinois, which typically hires real estate consultants on five-year contracts, appointed StepStone Real Estate in 2014. StepStone is allowed to bid for the new contract.
TRS Illinois typically invests through a combination of funds and separate accounts.