OAK BROOK, Ill. – The Illinois Municipal Retirement Fund (IMRF) committed $35 million to ICV Partners IV, L.P. and $75 million to Valor Equity Partners IV, L.P. at today’s full Board Meeting.
In 2012, IMRF established a direct relationship with ICV Partners, as a result of IMRF’s Middle Market Buyout Request for Proposal (RFP) exclusively for Minority-owned firms. IMRF made a direct commitment of $20 million to ICV Partners III, L.P. In addition, IMRF has two Private Equity separate account managers, Abbott Capital and Pantheon Ventures, which commit capital on its behalf. Abbott Capital and Pantheon Ventures committed $4.5 million and $5.0 million to ICV Partners III, respectively.
Valor Equity Partners became an investment manager for IMRF as a result of the 2013 Minority owned, Sector Focused Middle Market Buyout Private Equity RFP. IMRF made a direct commitment of $5 million to Valor Equity Partners III.
IMRF is committed to building long-term relationships with its investment managers, as demonstrated by the additional allocations to ICV and Valor’s follow on funds. IMRF’s goal for the utilization of Minority owned firms in the Private Equity asset class is 10 percent. As of February 2017, Minority owned firms manage more than 26 percrent of IMRF’s Private Equity asset class.
Diversity is important to IMRF, and our team is committed to hiring Minority owned investment managers. We aspire to have 20 percent of the total Fund’s assets managed by minority and women owned firms. IMRF’s Emerging Manager Program includes 57 Minority-owned firms and is valued at $7.2 billion or 19.3 percent of the IMRF portfolio, as of February 28.
For more information on IMRF’s Emerging Manager Program, visit the Investments section of this website. In addition, IMRF has a dedicated and focused team that meets with firms owned by minorities, females and persons with disabilities. Our “open door” policy affords us greater flexibility in meeting with investment managers and broker/dealers. IMRF does not require third-party referrals for investment managers and broker/dealers to pursue opportunities from IMRF.
