August 18, 2017
OAK BROOK, Ill. – Today, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved multiple investment recommendations, subject to satisfactory legal due diligence.
Real Estate
- The Board approved the following commitments, up to:
- €100 million to Blackstone Property Partners Europe
- $50 million to Torchlight Debt Opportunity Fund VI, L.P.
IMRF has direct relationships with both firms, with $550 million committed to Blackstone and $100 million committed to Torchlight.
Private Equity
The Board approved the following commitments, up to:
- $25 million to Sterling Group Credit Fund, L.P.
- $25 million to New MainStream Fund III, L.P.
- $20 million to Beecken Petty O’Keefe Fund V, L.P.
IMRF has committed to all three firms in the past either directly or through IMRF’s separately managed accounts. IMRF’s current commitments to the firms are $10 million, $11.8 million and $10 million, respectively.
Domestic Equity
Due to the closure of Holland Capital Management, the Board approved the following:
- Full redemption (approximately $943 million) of the Holland Large Cap Growth account
- Staff authorized to reallocate the Holland Large Cap Growth assets consistent with IMRF’s asset allocation policy.
- Likely asset reallocation:
- Existing domestic equity
- Existing fixed income investments
- Cash source for benefit payments and private market investments
As of June 30, 2017, the IMRF total portfolio was valued at $38.6 billion.