Teachers’ Retirement System of the State of Illinois (TRS Illinois) has approved $215m (€199.8m) worth of commitments to two real estate vehicles managed by Fortress Group.
The pension fund said it has placed $115m into Fortress Japan Opportunity Fund V and made a $100m commitment to the Fortress Real Estate Opportunities Fund IV fund.
SEC filing shows that fundraising for Japan Opportunity Fund V is at its early stage. The amount Fortress is seeking for Japan Opportunity Fund V is currently unknown.
Japan Opportunity Fund V is expected to invest in real estate assets and real estate operating companies that are based in Japan.
The Real Estate Opportunities Fund IV fund targets assets that are located in either Europe or the US that are in distress or are considered to be opportunistic real estate.
TRS Illinois said it has also made a $100m commitment to the Brasa Real Estate Fund III fund, as part of its emerging manager programme for real estate.
Brasa Capital Management is seeking to raise $850m, according to SEC filing.
The fund will be looking to invest in mid-sized transactions focused on multi-family and industrial assets located in the western US and in Texas.
Some of the investment structures employed by the manager include real estate debt, mezzanine loans, preferred equity and joint venture equity.
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