Real Estate Program

TRS began investing in real estate strategies in 1983, and currently has nearly $5.9 billion invested and committed to the asset class. The TRS real estate program has a long-term target of 14 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, Callan Associates, to identify highly desirable firms and to perform due diligence on those firms to determine their fit within the program.

Potential managers should contact Callan at reanalyst@callan.com, complete the TRS summary spreadsheet below, 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
Investment Division – Real Estate Department
2815 West Washington Street
Springfield, IL 62702

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

Excel File