TRS Illinois confirms $400m in commitments

TRS Illinois has backed Blackstone's latest real estate offering as well as Gaw Capital Partners' seventh series real estate fund.

  • Name: Teachers’ Retirement System of the State of Illinois
  • HQ: Springfield, US
  • AUM: $65.26bn
  • Allocations to alternatives: 18.7%

TRS Illinois has announced $400 million in commitments to two real estate funds, a source from the pension told PERE.

They have committed $300 million to Blackstone Real Estate Partners X and $100 million to Gateway Real Estate Fund VII.

The Blackstone Real Estate Fund, which launched in 2019, has a target size of $25 billion, which would make it the largest private real estate fund on record with a successful final close.

The Gateway Real Estate Fund VII, which launched in 2020, has a target size of $2.5 billion. According to PERE sources, the fund has raised half of its target.

TRS Illinois has a 18.7 percent allocation to real assets, which comprises $12.2 billion in capital. TRS Illinois currently has a target allocation of 15 percent to the asset class.

As illustrated below, TRS Illinois’s recent real estate commitments are focused on North American and Asia-Pacific vehicles that focus on debt and opportunistic strategies.

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