OAK BROOK, Ill. -- Today, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved multiple investment commitments, subject to satisfactory legal due diligence.
Real Estate
The Board approved the following commitments, each up to:
- $100 million to Blackstone Real Estate Partners Asia II, L.P.
- $50 million to Dune Real Estate Fund IV, L.P.
IMRF has existing relationships with both firms; total exposure to Blackstone is $450 million and $75 million with Dune. These investments will bring IMRF closer to its goal of reaching an eight-percent real estate investment target. Currently, IMRF is at 5.5 percent.
Private Equity
The Board approved the following commitments, each up to:
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$75 million to Valor Equity Partners IV, L.P.
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$35 million to ICV Partners IV, L.P.
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$15 million to Lightspeed SPV I, LLC
IMRF has existing relationships with all of the aforementioned firms. IMRF’s total exposure to Valor is $5 million, $29.5 million with ICV, and $86 million with Lightspeed.
Domestic Equity
In an effort to decrease both the overweight to this asset class and the Small Cap bias, the Board approved:
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Termination of Ariel Microcap Value portfolio
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Liquidation of the portfolio as deemed appropriate by the CIO
As of December 31, 2016, the IMRF total portfolio was valued at $36.2 billion.
