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IMRF approves $52.4m in commitments

The US public pension has backed two private real estate funds managed by Ares and Newport Capital.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, US
AUM: $54.7 billion
Allocation to alternatives: 15.7%

Illinois Municipal Retirement Fund will commit $52.4 million across two private real estate funds, according to a press release from the pension.

The pension committed $30 million each to Newport Capital Partners Fund III and $22.4 million to Ares Project Horizon Co-Investment. The pension’s investment into the Ares managed co-investment fund brings its total commitments to firm to $438 million to date.

IMRF has a 6.9 percent allocation to real estate, which is less than its 10 percent target allocation.

The $54.7 billion US public pension’s recent private equity commitments have tended to target either venture capital or growth equity vehicles that focus on North America.

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