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The Illinois Municipal Retirement Fund (IMRF) has committed $75 million into BIG Real Estate Fund III, a vehicle of Basis Investment Group. This commitment was made on Nov. 22, according to meeting materials.

BIG Real Estate Fund III is a closed-end fund focused on multifamily, retail, debt and mezzanine properties in North America. This fund acquires diversified commercial real estate debt investments. A fundraising target has not been disclosed. BIG Real Estate Fund III is the third high-yield debt fund in the series.