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Alternative Assets  + Real Estate  |  December 23, 2024
Illinois Retirement Invests $100M in TA Realty, JP Morgan Real Estate Funds
Joe Palmisano
By: Joe Palmisano

Illinois Retirement Invests $100M in TA Realty, JP Morgan Real Estate Funds

Illinois Municipal Retirement Fund (IMRF) trustees approved two allocations to its real estate program totaling $100 million at their final board meeting of 2024.

J.P. Morgan Asset Management’s Star Lake Opportunity Fund V received a $50 million commitment, complementing IMRF’s prior $150 million pledges to J.P. Morgan real estate funds. The fund allocates capital to residential and industrial properties in both primary and secondary markets. Additional investors include the New York State Common Retirement Fund.

The $55 billion pension fund also allocated $50 million to the TA Realty Residential Real Estate Fund. The investment builds on IMRF’s previous allocation of $175 million in TA Realty funds.

Board documents indicate that the more than $5.2 billion IMRF alternative investment portfolio yielded over 3% for the year ending October 2024. The program experienced annual losses through October, with returns of -1.16%, as indicated by investment performance reports submitted to the board. Performance has increased by 0.58% since the program’s initiation in 2022.

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Illinois Municipal Retirement Fund (IMRF)

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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