The Illinois Municipal Retirement Fund (IMRF) Board of Trustees today approved multiple new investment commitments and terminations, subject to satisfactory legal due diligence.
Private Markets
The Board approved the following private equity commitments, each up to:
- £15 million (~$21 million) to Inflexion Enterprise Fund IV, L.P.
- £17 million (~$24 million) to Inflexion Supplemental Fund IV, L.P.
- $7.5 million to ABRY Heritage Fund, L.P.
Both of the aforementioned firms have existing relationships with IMRF. Inflexion’s relationship began in 2014 and the firm manages £50 million (~$70 million). ABRY manages $80 million in assets; initiating its direct relationship with IMRF in 2012.
The Board approved the following real estate commitments, each up to:
- $75 million to Starwood Global Opportunity Fund XI, L.P.
- $25 million to Artemis Real Estate Partners Healthcare Fund I, L.P.
Starwood and Artemis have existing relationships with IMRF. The Board approved a $20 million commitment to Starwood Opportunity Fund IX in October 2012; and a $50 million commitment to Starwood Global Opportunity Fund X in May 2014. The Board approved a $75 million commitment to Artemis in November 2015 for a minority, female, or person with a disability-owned business (MFPDOB) manager-of-managers account.
All private markets commitments will be funded from public market strategies.
Public Markets
The Board approved the following manager terminations:
- Vision Large Cap Growth account (~$167 million)
- Lombardia Small Cap Value account (~$148 million)
- Lombardia International Large Cap Value account (~$29 million)
The Board approved the following public markets commitments:
- $50 million to Ativo Micro Cap
- $275 million to Garcia Hamilton Core Fixed Income
These public market commitments will be funded by proceeds from the Vision and Lombardia terminations.
As of March 31, 2016, the IMRF total portfolio was valued at $34.339 billion.
