The Teachers Retirement System of the State of Illinois (TRS) committed $100 million each to Oaktree Capital Management and PIMCO at its last meeting of the year.
The Springfield, Illinois-based pension fund pledged the money to Oaktree Real Estate Debt Fund and PIMCO Bravo Fund III on 13 December. While no target was immediately available for the Oaktree fund, the PIMCO vehicle has a $3.5 billion goal. So far, the firm has received $818.35 million, according to Private Debt Investor data.
TRS committed money to both predecessor funds, with $100 million allocated for the initial Real Estate Debt Fund and $125 million committed to the Bravo II fund. The limited partner has made additional investments in real estate this year by committing $300 million with Lone Star Funds’ Commercial Real Estate Fund V. In addition, TRS made a separate commitment of $100 million to another PIMCO fund, the Corporate Opportunities Fund II.
TRS allocates 28 percent of its $44.72 billion to alternatives, which includes private debt.