Follow-on Funds
40 ILCS 5/113.14 introduced new legislation relating to follow-on commitments made to the same fund sponsor through closed-end funds. In accordance with 40 ILCS 5/1-113.14 (b) (iv) of the Act, follow-on fund commitments have been made to the following investment advisors/funds since August 16, 2013, the effective date of the legislation:
| Advisor/Fund | Approval |
| Aksia Co-Investment Fund II | February 2023 |
| Basis Investment Group Real Estate Fund II | March 2021 |
| Basis Investment Group Real Estate Fund III | April 2025 |
| Brasa Real Estate Fund III | February 2023 |
| Brookfield Strategic Real Estate Partners III | December 2017 |
| Brookfield Strategic Real Estate Partners IV | June 2021 |
| Brookfield Strategic Real Estate Partners V | September 2023 |
| Cabot Industrial Value Fund VII | April 2022 |
| Crow Holdings Realty Partners VIII | December 2016 |
| Crow Holdings Realty Partners IX | March 2020 |
| Crow Holdings Realty Partners X | April 2022 |
| Dune Real Estate Fund IV | September 2017 |
| Ember Infrastructure Fund II | December 2023 |
| Fairview Lincoln Fund I – Series B | October 2020 |
| Fairview Lincoln Fund I – Series C | October 2022 |
| Homestead Capital USA Farmland IV | December 2022 |
| Long Wharf Real Estate Partners VII | February 2023 |
| Longpoint Fund III | December 2022 |
| Macquarie Infrastructure Partners III | March 2014 |
| Macquarie Infrastructure Partners IV | June 2017 |
| Mesirow Financial Private Equity Fund VIII-B | October 2020 |
| Pantheon Global Infrastructure Fund V | September 2024 |
| Torchlight Debt Fund VIII | October 2022 |
SURS investment staff and consultant recommended commitments be made to the above funds upon successful due diligence. Upon deliberation, the SURS Board of Trustees authorized the procurement of these follow-on fund commitments by affirmative vote at the respective Board meetings noted above. The factors leading to the procurement of these follow-on fund commitments and, thus the reasons for the exception to the Public Act, include:
- The experience and qualifications of the advisor’s team
- The soundness of the advisor’s strategy and process
- The strength of the advisor’s investment performance