The Illinois Municipal Retirement Fund (IMRF) Board of Trustees today approved multiple real estate investment commitments, subject to satisfactory legal due diligence.
The Board approved the following commitments, each up to:
- $50 million to AEW Partners VIII, L.P.
- $35 million to CBRE Strategic Partners U.S. Value 8, L.P.
- $30 million to Long Wharf Real Estate Partners V, L.P.
IMRF has existing relationships with all of the aforementioned firms. IMRF’s total exposure to AEW is $245 million and $217 million with CBRE. Through a partnership with Franklin Templeton, IMRF’s exposure to Long Wharf is $13.7 million.
Long Wharf qualifies as a minority owned investment management firm (Latino) under the Illinois Pension Code.
All commitments will be funded from public market investments. These investments will bring IMRF closer to its goal of reaching an eight-percent real estate investment target. Currently, IMRF is at 5.4 percent.
As of June 30, 2016, the IMRF total portfolio was valued at $34.702 billion.