Emerging Investment Manager Goals

Office meeting

Emerging Investment Manager Utilization Goals

IMRF is committed to providing opportunities for emerging investment managers. An emerging investment manager is defined as a qualified investment advisor that manages an investment portfolio of at least $10,000,000 but less than $10,000,000,000 and is a "minority-owned business", "women-owned business" or "business owned by a person with a disability" as defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.

Emerging Investment Management firms must be 51% or more owned by individuals that are minorities, Women or persons with a disability and are citizens or lawful permanent residents of the United States. This website offers a complete definition.

The IMRF Board of Trustees has adopted the following minimum goals for the utilization of Emerging Investment Management firms.

Utilization Goal for Emerging Investment Managers by Classification

Classification Minimum Goal as % of Total Fund Market Value
Minority Owned Businesses 13%
Womend Owned Businesses 6%
Businesses Owned by a Person with a Disability 1%
Total Emerging Investment Managers 20%

Utilization Goal for Emerging Investment Managers by Asset Class

Portfolio Asset Class Minimum Goal as % of Asset Class
Domestic Equity 8%
International Equity 15%
Fixed Income 25%
Real Estate 4%
Private Equity 10%
Timberland Best Efforts
Agriculture Best Efforts

Timberland and Agriculture percentages are calculated using NAVs. Private Equity and Real Estate percentages are calculated using committed amounts.