Champaign, IL – The State Universities Retirement System (SURS) Board of Trustees approved a commitment of the lesser of $30 million or 10 percent of total fund commitments to Newport Capital Fund III, the closed-end, non-core real estate fund managed by Newport Capital Partners. The vote was taken during the April 22 remote board meeting. The allocation is subject to successful completion of contract negotiations.
The System previously made a commitment to Newport Capital Fund I in 2012 along with two co-investment opportunities in 2018 and 2019.
The System’s actual allocation to non-core real estate is 2.2%; the target is 4.0%.