TRS of Illinois http://trs.illinois.gov
TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS


Real Estate Program

TRS began investing in real estate strategies in 1983, and currently has nearly $8.7 billion invested and committed to the asset class. The TRS real estate program has a long-term target of 15 percent of the overall TRS portfolio. The program is divided into core and specialty strategies. The portfolio is diversified both by investment vehicle (direct investing and commingled funds) and property type (office, industrial, retail, multifamily, hotel, other) with up to 20 percent of the program targeted for international strategies. The hurdle rates are 5 percent real return for core and 7 percent real return for specialty with 2 percent additional hurdle if leverage is utilized. The benchmark for the program is the NCREIF Property Index.

TRS works with its external real estate consultant, Courtland Partners, to identify highly desirable firms and to perform due diligence on those firms to determine their fit within the program.

Potential managers should contact Courtland Partners at ajm@courtland.com,complete the TRS Real Estate Summary spreadsheet (Excel file), and email the completed summary to: real_estate@trs.illinois.gov.

A hard copy of this summary should also be sent to:

Teachers' Retirement System of the State of Illinois
Office of Investments – Real Estate
2815 West Washington Street
Springfield, IL 62702

Questions may be directed to: real_estate@trs.illinois.gov.