I
llinois State Universities Retirement System (SURS) is investing up to $50m in Belay Ventures Fund IV, marking its first partnership with real estate manager Belay Investment. The commitment hinges on it not exceeding 10% of the fund's total capital commitments.

    Belay has a history of raising significant funds, having secured at least $900m for its previous fund, Fund III. SURS views Fund IV as a value-add investment opportunity, with the majority of capital allocated to US joint ventures with local operating partners.

    The fund will focus on smaller transactions across various property types, including office, industrial, retail, apartments, cold storage and mixed-use projects. Belay typically targets markets such as Dallas, Tampa, and Southern California.