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 | 15% |
| Women Owned Businesses | 7% |
| Businesses Owned by a Person with a Disability | 1% |
| Total Emerging Investment Managers | 23% |
Utilization Goal for Emerging Investment Managers by Asset Class
| Portfolio Asset Class | Minimum Goal as % of Asset Class |
|---|---|
| U.S. Equity | 5% |
| International Equity | 15% |
| Fixed Income | 25% |
| Private Real Assets | 10% |
| Alternative Investments | 10% |
Private Real Assets and Alternative Investments percentages are calculated using committed amounts.