Illinois SURS Allocates $50M to Belay Ventures Value-Add Fund

The State Universities Retirement System (SURS) of Illinois’ board of trustees unanimously approved a commitment of up to $50M, or 10% of total fund commitments, to Belay Ventures Fund IV at its October 24th meeting, pending successful contract negotiations.

Fund IV is a real estate investment fund focusing on value-added opportunities in the real estate sector, and the investment marks a new relationship for SURS within its traditional growth asset sleeve.

For fiscal year 2024, SURS reported a portfolio return of 8.3% net of fees, surpassing its long-term assumed rate of return of 6.5% though slightly below its policy benchmark of 9.0%. Over a five-year period, the portfolio has achieved an annualized return of 7.4%, and over the past ten years, a return of 6.62%, each exceeding both long-term targets and policy benchmarks.

According to Dakota data, SURS of Illinois currently manages approximately $23B in assets.

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