One money manager is betting big on overlooked real estate assets like nursing homes and student housing — and he's expecting double-digit returns.

"Areas that I really love are non-core real estate, off-the-run type assets," said Marc Levine, chairman of the Illinois State Board of Investments.

Levine manages $22.8 billion for 140,000 state employees. He said roughly a third of the board's portfolio is invested in private market assets.

Watch the video above to hear about Levine's portfolio strategy.

WATCH ALSO: This top UBS executive shares her best investing advice