The Teachers’ Retirement System of the State of Illinois has been the most active investor in commercial real estate debt over the past five years, according to Real Estate Capital USA’s new monthly ranking of institutional investor commitments to the sector. The pension fund made 10 commitments totaling $1.28 billion to the sector from 2017 through the third quarter 2022.
Other active investors include the Texas County and District Retirement System, which made eight commitments totaling $1.03 billion during the same period, and the California Public Employees Retirement System, which committed $1 billion to the sector.
Meanwhile, the largest commitment year-to-date was made by the UK’s Border to Coast Pensions Partnership, which committed $220 million to Brookfield Real Estate Finance Fund VI. The Texas County and District Retirement System was the second largest LP in real estate debt this year, committing $200 million to the sector via Cerberus Real Estate Debt Fund II.