The Teachers’ Retirement System of the State of Illinois (TRS) committed $100 million to Chicago-based Westbrook Partners’ tenth flagship fund on Friday, according to a statement from the pension plan. This was TRS’ first commitment to Westbrook.
Westbrook Real Estate Fund X has a $2.5 billion target, according to filings with the US Securities and Exchange Commission. The firm held a first close for the opportunistic fund in January with $693 million, according to an SEC filing. The fund has drawn a number of other large pensions, including the Teacher Retirement System of Texas, which invested $200 million, and the New York State Common Retirement Fund, which committed $350 million, according to PERE Research & Analytics.
The Springfield, Illinois-based pension fund managed $45.9 billion in assets as of June 30. It allocated about 13 percent of its funds to real estate. It tapped Courtland Partners as its new real estate consultant in December.
In 2015, TRS planned to invest $850 million in real estate, a goal it has already surpassed, according to PERE Research & Analytics. TRS’ allocations include two $300 million commitments each to Lone Star Real Estate Fund IV and Blackstone Real Estate Partners VIII and two $100 million commitments each to Fortress Japan Opportunity Fund III and Rockpoint Real Estate Fund V.
Westbrook was still investing capital from its ninth fund as of this summer. In June, the firm bought a 510,000-square-foot office building in New York from private equity real estate firm Savanna for $310 million in an off-market transaction.