The Illinois Municipal Retirement Fund (IMRF) Board of Trustees today approved three new real estate commitments, subject to satisfactory legal due diligence.
The Board approved:
- Up to $100 million to Blackstone Real Estate Debt Strategies III, L.P.
- Up to €100 million ($110 million using 10/31/15 exchange rates) to Ares European Property Enhancement Partners II, L.P.
- An initial commitment of up to $75 million to Artemis Real Estate Partners, LLC, for a minority, female, or person with a disability-owned business (MFPDOB ) manager-of-managers account. This will be an evergreen, separate account with additional annual commitments consistent with the IMRF Strategic Plan.
IMRF has an existing relationship with Blackstone and Ares, while Artemis is a new manager.
The new commitments, which will be funded from public market strategies, will help IMRF reach its strategic asset allocation to real estate, while also increasing the diversification of its long-term real estate investment portfolio.
The IMRF portfolio has an 8% target asset allocation to real estate. IMRF’s actual allocation to real estate is 7.4% (including unfunded commitments, as of September 30, 2015).
As of October 31, 2015, the IMRF total portfolio was valued at $34.785 billion.