IMRF is committed to diversity in the hiring of Emerging and Minority-owned investment managers. It is the policy of the Board to include qualified businesses owned by minorities, women, and persons with a disability in the investment manager selection process and to objectively evaluate all qualified investment manager candidates regardless of race, gender or handicap.
Emerging Investment Manager
"Emerging investment manager" means a qualified investment adviser 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 those terms are defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.
Minority Investment Manager
"Minority investment manager" means a qualified investment manager that manages an investment portfolio and meets the definition of minority-owned business, women-owned business, or business owned by a person with a disability, as those terms are defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.
As of December 31, 2024
African American
Classification |
Manager Name |
Asset Class |
Account Type |
Emerging |
Attucks Asset Management, LLC |
Fixed Income |
Attucks Minority MOM |
Emerging
|
Alpha Capital Partners
|
Real Estate
|
Artemis Minority Real Estate MOM
|
Emerging |
Arc Urban Fund |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Basis Investment Group I |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Basis Investment Group II |
Real Estate |
Direct Mandate |
Emerging |
Base 10 Partners II |
Private Equity |
Pantheon FOF |
Emerging |
Base 10 Partners III |
Private Equity |
Pantheon FOF |
Emerging |
Base 10 Advancement Initiative |
Private Equity |
Pantheon FOF |
Emerging |
Brown Capital Management, Inc. |
International Equity |
Direct Mandate |
Emerging |
Channing Capital Management |
Domestic Equity |
Direct Mandate |
Emerging |
Channing Capital Management |
International Equity |
Xponance Minority MOM |
Emerging |
Capstone Development |
Real Estate |
Artemis Minority Real Estate MOM |
Minority |
Earnest Partners |
Fixed Income |
Direct Mandate |
Minority |
Earnest Partners |
International Equity |
Direct Mandate |
Emerging |
Grain Communications Opportunity Fund III
|
Private Equity
|
Pantheon FOF |
Emerging |
Haven Global Partners |
International Equity |
Xponance Minority MOM |
Emerging |
ICV Capital Partners III, L.P |
Private Equity |
Abbott Capital FOF |
Emerging |
ICV Capital Partners III, L.P. |
Private Equity |
Direct Mandate |
Emerging |
ICV Capital Partners III, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
ICV Capital Partners IV, L.P. |
Private Equity |
Direct Mandate |
Emerging |
ICV Capital Partners IV, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging
|
ICV Capital Partners IV, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Jair Lynch |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
JLC Infrastructure Fund I |
Real Estate |
Direct Mandate |
Emerging |
JLC Infrastructure Fund II
|
Real Estate |
Direct Mandate |
Emerging |
MCB Real Estate |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Red Arts Capital Opportunities Fund I, L.P. |
Private Equity |
Direct Mandate |
Emerging
|
RailField Realty
|
Real Estate
|
Artemis Minority Real Estate MOM |
Emerging |
Trinity Mills |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
TCH-Loop Capital |
Fixed Income |
Direct Mandate |
Emerging
|
Integral Group
|
Real Estate
|
Artemis Minority Real Estate MOM
|
Minority |
Vista Credit Opportunity Fund III, L.P. |
Private Credit |
Direct Mandate |
Minority |
Vista Equity Partners V, L.P. |
Private Equity |
Direct Mandate |
Minority |
Vista Equity Partners VI, L.P. |
Private Equity |
Direct Mandate |
Minority |
Vista Equity Partners VII, L.P. |
Private Equity |
Direct Mandate |
Minority |
Vista Foundation Fund II, L.P. |
Private Equity |
Direct Mandate |
Minority |
Vista Foundation Fund III, L.P. |
Private Equity |
Direct Mandate |
Minority |
Vista Foundation Fund IV, L.P. |
Private Equity |
Direct Mandate |
Minority |
Xponance |
International Equity |
Direct Mandate |
Minority
|
Xponance-FI
|
Fixed Income |
Direct Mandate |
Minority |
Xponance Russell Growth |
Domestic Equity |
Direct Mandate |
Latino
Classification |
Manager Name |
Asset Class |
Account Type |
Emerging |
Ativo Capital Management, LLC |
International Equity |
Direct Mandate |
Emerging |
AUA Private Equity I |
Private Equity |
Direct Mandate |
Emerging |
AUA Private Equity II |
Private Equity |
Direct Mandate |
Emerging
|
AUA Private Equity III |
Private Equity
|
Direct Mandate
|
Emerging |
Brasa Capital Fund II |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Brasa Capital Fund III |
Real Estate |
Direct Mandate |
Emerging |
Crayhill Principal Strategies Fund III
|
Private Credit |
Direct Mandate |
Minority |
Clearlake Capital Partners III |
Private Equity |
Abbott Capital FOF |
Minority |
Clearlake Capital Partners V |
Private Equity |
Direct Mandate |
Minority |
Clearlake Capital Partners V |
Private Equity |
Abbott Capital FOF |
Minority |
Clearlake Capital Partners VI |
Private Equity |
Direct Mandate |
Minority |
Clearlake Capital Partners VI |
Private Equity |
Abbott Capital FOF |
Minority |
Clearlake Capital Partners VII |
Private Equity |
Direct Mandate |
Minority |
Clearlake Capital Partners VII |
Private Equity |
Abbott Capital FOF |
Minority
|
Clearlake Capital Partners VIII
|
Private Equity
|
Direct Mandate
|
Minority
|
Clearlake Capital Partners VIII |
Private Equity
|
Abbott Capital FOF
|
Minority |
Clearlake Opportunities Partners II |
Private Equity |
Direct Mandate |
Minority |
Clearlake Opportunities Partners III |
Private Equity |
Direct Mandate |
Minority |
Clearlake Flagship Plus Partners |
Private Credit |
Direct Mandate |
Minority |
Elion Real Estate Fund V |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Estancia Capital Partners, L.P. |
Private Equity |
Direct Mandate |
Emerging |
Frontier Global Partners |
International Equity |
Xponance Minority MOM |
Minority |
Garcia Hamilton & Associates |
Fixed Income |
Direct Mandate |
Emerging |
LM Capital Group |
Fixed Income |
Direct Mandate |
Emerging |
Longpoint Realty Fund III |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Long Wharf Real Estate Partners IV, L.P. |
Real Estate |
Franklin Templeton Emerging Manager Real Estate FOF |
Emerging |
Long Wharf Real Estate Partners V, L.P. |
Real Estate |
Direct Mandate |
Emerging |
Long Wharf Real Estate Partners VI, L.P. |
Real Estate |
Direct Mandate |
Emerging |
Long Wharf Real Estate Partners VII, L.P. |
Real Estate |
Direct Mandate |
Emerging |
New Mainstream Capital II |
Private Equity |
Direct Mandate |
Emerging |
New Mainstream Capital II |
Private Equity |
Abbott Capital FOF |
Emerging |
New Mainstream Capital II |
Private Equity |
Pantheon FOF |
Emerging |
New Mainstream Capital III |
Private Equity |
Direct Mandate |
Emerging |
New Mainstream Capital III |
Private Equity |
Abbott Capital FOF |
Emerging |
New Mainstream Capital III |
Private Equity |
Pantheon FOF |
Emerging |
New Mainstream Capital IV |
Private Equity |
Direct Mandate |
Emerging |
OceanSound I |
Private Equity |
Oakbrook Opportunities FOF |
Emerging |
Olympus Property |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Palladium Equity Partners V |
Private Equity |
Abbott Capital FOF |
Emerging |
Pillar Real Estate Fund I |
Real Estate |
1 Seed Minority FOF |
Emerging |
Pillar Real Estate Fund II |
Real Estate |
1 Seed Minority FOF |
Emerging |
Ramirez Asset Management Inc. |
Fixed Income |
Direct Mandate |
Emerging |
Ramirez Asset Management Inc. |
Fixed Income |
Attucks Minority MOM |
Emerging |
Resia Ten Oaks
|
Real Estate |
Artemis Minority Real Estate MOM
|
Minority |
Valor Equity Partners III, L.P. |
Private Equity |
Direct Mandate |
Minority |
Valor Equity Partners IV, L.P. |
Private Equity |
Direct Mandate |
Minority |
Valor Equity Partners V, L.P. |
Private Equity |
Direct Mandate |
Minority |
Valor Equity Partners VI, L.P. |
Private Equity |
Direct Mandate |
Minority |
Valor M33 II |
Private Equity |
Direct Mandate |
Woman
Classification |
Manager Name |
Asset Class |
Account Type |
Emerging |
1315 Healthcare Fund |
Private Equity |
Abbott Capital FOF |
Emerging |
1315 Healthcare Fund II |
Private Equity |
Abbott Capital FOF |
Emerging
|
1 Seed Seeding and Strategic Capital Fund II-MW
|
Real Estate |
1 Seed Minority FOF
|
Emerging
|
1 Seed Seeding and Strategic Capital Fund II
|
Real Estate
|
Oakbrook Opportunities FOF
|
Minority |
Artemis Real Estate Partners MWBE Spruce Program |
Real Estate |
Direct Mandate |
Minority |
Artemis Real Estate Partners Healthcare Fund I |
Real Estate |
Artemis Minority Real Estate MOM |
Minority |
Artemis Real Estate Partners Healthcare Fund I |
Real Estate |
Direct Mandate |
Minority |
Artemis Real Estate Partners Healthcare Fund II |
Real Estate |
Direct Mandate |
Minority |
Artemis Real Estate Partners Fund III |
Real Estate |
Direct Mandate |
Minority |
Artemis Real Estate Partners Fund IV |
Real Estate |
Direct Mandate |
Emerging |
Astira Capital Partners Fund I |
Private Equity
|
Pantheon FOF |
Emerging
|
Astira Capital Partners Fund I
|
Private Equity
|
Oakbrook Opportunities FOF
|
Emerging |
Barksdale Investment Management
|
Fixed Income |
Attucks Minority MOM |
Emerging |
Blue Moon Senior Housing II |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Canvas Ventures 2 |
Private Equity |
Abbott Capital FOF |
Emerging |
Canvas Ventures 3 |
Private Equity |
Abbott Capital FOF |
Emerging
|
Centerstone Investors |
International Equity |
Xponance Minority MOM |
Emerging |
Chicago Pacific Founders Fund II |
Private Equity |
Abbott Capital FOF |
Emerging |
Chicago Pacific Founders Fund III |
Private Equity |
Abbott Capital FOF |
Emerging |
Chicago Pacific Founders Fund III |
Private Equity |
Direct Mandate |
Emerging
|
Coalesce Capital Fund I
|
Private Equity |
Pantheon FOF
|
Emerging
|
Coalesce Capital Fund I |
Private Equity
|
Direct Mandate
|
Emerging
|
Coalesce Merlin Co-Invest |
Private Equity
|
Direct Mandate
|
Emerging |
CRES Management |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Define Ventures Fund II |
Private Equity |
Oakbrook Opportunities FOF |
Emerging |
GlobeFlex Capital |
International Equity |
Direct Mandate |
Emerging |
Inspired Capital II |
Private Equity |
Pantheon FOF |
Emerging
|
Inspired Capital III
|
Private Equity
|
Pantheon FOF
|
Emerging |
Integrity Fixed Income Management |
Fixed Income |
Attucks Minority MOM |
Minority |
Longfellow Investment Management |
Fixed Income |
Direct Mandate |
Emerging |
Luminate III |
Private Equity |
Oakbrook Opportunities FOF |
Emerging |
Martin Investment Management |
International Equity |
Xponance Minority MOM |
Emerging |
Oak HC/FT Partners, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Oak HC/FT Partners II, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Oak HC/FT Partners III, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Oak HC/FT Partners IV, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Oak HC/FT Partners V, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Oak HC/FT Partners, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Oak HC/FT Partners II, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Oak HC/FT Partners III, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Oak HC/FT Partners IV, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Oak HC/FT Partners V, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Penzance DC Real II |
Real Estate |
1 Seed Minority FOF |
Minority |
Redwood |
International Equity |
Xponance Minority MOM |
Emerging |
Renegade Partners II |
Private Equity |
Abbott Capital FOF |
Asian
Classification |
Manager Name |
Asset Class |
Account Type |
Emerging |
Arcline Fund I, L.P. |
Private Equity |
Oakbrook Opportunities FOF |
Emerging |
Agent Capital Fund II, L.P. |
Private Equity |
Direct Mandate |
Emerging
|
Agent Capital Fund III, L.P.
|
Private Equity
|
Direct Mandate |
Minority |
ARGA Investment Management |
International Equity |
Xponance Minority MOM |
Emerging |
Bregal Sagemount Fund IV, L.P. |
Private Equity |
Oakbrook Opportunities FOF |
Emerging |
Croatan Investments |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging |
Ducenta |
Fixed Income |
Attucks Minority MOM
|
Emerging |
FCP Special Opportunity Fund I
|
Real Estate |
Oakbrook Opportunities FOF |
Emerging |
Foresight |
International Equity |
Xponance Minority MOM |
Emerging |
Grandview Fund II |
Real Estate |
Artemis Minority Real Estate MOM |
Emerging
|
Grandview Fund III
|
Real Estate
|
Artemis Minority Real Estate MOM
|
Emerging |
Khosla Ventures III, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures IV, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures V, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures VI, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures VII, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures VIII, L.P. |
Private Equity
|
Pantheon FOF |
Emerging
|
Khosla Ventures VIII, L.P.
|
Private Equity
|
Direct Mandate |
Emerging
|
Khosla Ventures Seed, L.P. |
Private Equity
|
Pantheon FOF
|
Emerging
|
Khosla Ventures Seed B, L.P.
|
Private Equity
|
Pantheon FOF
|
Emerging
|
Khosla Ventures Seed C, L.P.
|
Private Equity
|
Pantheon FOF
|
Emerging |
Khosla Ventures Seed D, L.P. |
Private Equity |
Pantheon FOF |
Emerging |
Khosla Ventures Seed E, L.P. |
Private Equity |
Pantheon FOF |
Emerging
|
Khosla Ventures Seed F, L.P. |
Private Equity
|
Direct Mandate
|
Emerging
|
Khosla Opportunity II, L.P.
|
Private Equity
|
Direct Mandate
|
Emerging
|
Khosla Ventures OAI
|
Private Equity
|
Direct Mandate |
Emerging |
Mayfield Fund XIV, L.P. |
Private Equity |
Direct Mandate |
Emerging |
Mayfield Fund XV, L.P. |
Private Equity |
Direct Mandate |
Emerging |
Mayfield Fund XVI, L.P. |
Private Equity |
Direct Mandate |
Emerging
|
Mayfield Fund XVII, L.P.
|
Private Equity
|
Direct Mandate
|
Emerging |
Mayfield Select, L.P. |
Private Equity |
Direct Mandate |
Emerging |
Mayfield Select II, L.P. |
Private Equity |
Direct Mandate |
Emerging
|
Mayfield Select III, L.P.
|
Private Equity
|
Direct Mandate
|
Emerging
|
MC Credit Fund IV
|
Private Credit |
Direct Mandate |
Emerging |
Patch Capital Partners Fund I |
Real Estate |
1 Seed Minority FOF |
Emerging |
Sagehall Fund I |
Real Estate |
1 Seed Minority FOF |
Minority |
Strategic Value Partners Capital Solutions Fund II
|
Private Credit |
Direct Mandate |
Emerging
|
SK Capital Catalyst Fund II
|
Private Equity |
Pantheon FOF
|
Emerging |
Storm Ventures Fund V, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Vivo Capital Fund VIII, L.P. |
Private Equity |
Abbott Capital FOF |
Emerging |
Vivo Ventures VII, L.P. |
Private Equity |
Abbott Capital FOF |
Disabled
Classification |
Manager Name |
Asset Class |
Account Type |
Emerging |
Harpoon Ventures II |
Private Equity |
Direct Mandate |
Emerging |
Harpoon Ventures III |
Private Equity |
Direct Mandate |
Emerging |
Harpoon Ventures IV |
Private Equity |
Direct Mandate |
Emerging |
Newport Capital Partners I |
Real Estate |
Franklin Templeton Emerging Manager Real Estate FOF |
Emerging |
Newport Capital Partners III |
Real Estate |
1 Seed Minority FOF |
Emerging |
Newport Capital Partners III |
Real Estate |
Direct Mandate |