Pension fund commits $100m to Real Estate Debt Strategies IV. : Illinois Municipal Retirement Fund (IMRF) is among investors in Blackstone’s latest global real estate debt fund. The $40.7bn (€36.4bn) pension fund said it had committed $100m to Blackstone Real Estate Debt Strategies (BREDS) IV. It is not known how much capital Blackstone is seeking to raise for the fund, but it secured $4.5bn for its predecessor in 2016.