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Illinois Teachers’ approves $300m commitment

The US public pension has backed Starwood Capital Group's latest mega-fund.

Institution: Teachers’ Retirement System of the State of Illinois
Headquarters: Springfield, US
AUM: $55.72 billion
Allocation to alternatives: 33%

Teachers’ Retirement System of the State of Illinois approved a $300 million commitment to Starwood Global Opportunity Fund XII at its December 2020 board meeting, a contact at the pension informed PERE.

Starwood’s latest vehicle in its flagship opportunistic series is targeting $8 billion in equity capital, with a co-investment vehicle targeting a further $3 billion. As of October 2020, the parent fund and co-investment fund had raised a combined $5.6 billion.

Illinois Teachers’ has a 16 percent target allocation to real estate that currently stands at 14 percent.

As illustrated below, the $55.72 billion US public pension’s recent real estate commitments have targeted either global or North America-focused vehicles targeting value-add or opportunistic returns.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.