Illinois Teachers’ approves $125m commitment

The US public fund has backed Cerberus' recently launched real estate debt fund.

Institution: Teachers’ Retirement System of the State of Illinois
Headquarters: Springfield, United States
AUM: $52.16bn
Allocation to alternatives: 29.80%
Bitesize: $100-200m

Teachers’ Retirement System of the State of Illinois has agreed to commit $125 million to Cerberus Real Estate Debt Fund, a contact at the pension informed Private Debt Investor. The mezzanine fund launched in September 2019.

The $52.16 billion US public pension has a 4.40 percent current allocation to private debt.

As illustrated below, Illinois Teachers’ has made three other commitments to private debt vehicles with a 2019 vintage: $50 million to Proterra Credit Fund, and $100 million apiece to Taurus Mining Finance Fund II and LCM Partners’ SOLO vehicle.

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