T
he Illinois Municipal Retirement Fund has made significant investments in US real estate funds. It committed $35m to two separate funds managed by Newport Capital Partners and Longpoint Partners. The Newport Capital Partners Fund IV aims to raise $300m for value-add shopping centres in densely populated markets, targeting a 13-16% gross internal rate of return (IRR) and 11-13% net IRR. Active markets include Houston, Austin, Orlando, Nashville, and Dallas/Forth Worth.

    Longpoint's Lena Specialty Grocer Fund III is a core-plus fund investing in grocery-anchored shopping centres. The pension fund also approved commitments to TA Realty Value-Add Fund XIV, which targets a diversified US asset portfolio, and Artemis Real Estate Partners Healthcare Fund III. This latter fund seeks $1.5bn to invest in senior housing, medical office space, and debt.