U.S. Value-Add Real Estate
On May 29, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved four new commitments to U.S. value-added real estate, subject to satisfactory legal due diligence.
The Board approved:
- Up to $75 million commitment to Crow Holdings Realty Partners VII, L.P.
- Up to $50 million commitment to Rockwood Capital Real Estate Partners Fund X, L.P.
- Up to $50 million commitment to The Realty Associates Fund XI, L.P
- Up to $25 million commitment to Oak Street Real Estate Capital Fund III, L.P.
IMRF has an existing relationship with Rockwood Capital Partners and The Realty Associates while Crow Holdings Realty Partners and Oak Street are both new managers. Oak Street is also classified as a minority, female and a person with a disability-owned (MFPDOB) investment firm.
IMRF's $200 million commitment to U.S. value-added real estate funds will help IMRF reach its strategic asset allocation to real estate, while also increasing diversification of its long-term real estate investment portfolio.
The IMRF portfolio has a 8% target asset allocation to real estate. IMRF's actual allocation to real estate is 6.4% (including unfunded commitments, as of March 31, 2015).
(As of March 31, 2015, the IMRF total portfolio was valued at $35.6 billion)
