Previous commitments made to two real estate funds and one infrastructure fund were withdrawn by US$41.3 billion pension fund Illinois Municipal Retirement Fund, Oak Brook after a review of their contracts. The commitments will be used for other approved but as yet unfunded alternatives investments, the fund announced. The pension fund has a 7% target allocation to alternative investments; its actual allocation as of June 30 was 3.9%

A US$150 million commitment made by IMRF to Heitman America Real Estate Trust was withdrawn; the transaction had been approved by the pension fund board on November 17, because of unfavorable legal terms of the investment. Another commitment of around US$100 million managed by Oaktree Capital was terminated by significant changes. The Oaktree commitment had been approved on May 19, 2017.

Also withdrawn was a €50 million ($57.2 million) commitment to the CBRE Pan-European Core Fund, a real estate fund managed by CBRE Global Investors, that had been approved on August 26, 2016. The general partner could "amend the governing documents without IMRF's consent," Ms. Shah said.