OAK BROOK, Ill. – Today, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees announced the appointment of a new executive director for the organization, and also approved multiple investment recommendations, subject to satisfactory legal due diligence.
Executive Director
The Board approved the appointment of Chicago-native Brian Collins as the successor to retiring Executive Director Louis W. Kosiba. His term starts on January 8, 2018. Kosiba’s last official day with IMRF is on Sunday, December 31, after 29 years with IMRF, leading the fund since 2001. Collins’ career highlights:
- Chief Financial Officer/Director of Finance and Administration for the City of Memphis
- 30 years of combined experience in banking and litigation
- Law degree from Loyola University of Chicago; MBA from The Ohio State University
Private Equity
The Board approved a commitment up to $25 million to Clearlake Capital Partners Fund V, L.P.
IMRF’s current exposure to Clearlake Capital Partners includes a $7.5 million commitment to Clearlake Capital Partners Fund III, through the Abbott private equity separate account.
U.S. Core Real Estate Manager Search and Existing Real Estate Portfolio
The Board approved the following commitments, up to:
- €100 million to Ares European Real Estate Fund V, SCSp
- $75 million to Artemis Real Estate Partners Fund III, L.P.
- $150 million to Heitman America Real Estate Trust, L.P.
- $150 million to Commingled Pension Trust Fund (Strategic Property) of J.P. Morgan Chase Bank, N.A.
- $100 million to Buckhead Properties, L.P.
- €50 million commitment to the Barings European Core Property Fund SCSp SICAV-SIF
IMRF’s has existing relationships with Ares, Artemis, Barings, and Buckhead Properties.
Redemptions
The Board approved a full redemption, approximately $150 million, from the Barings Core Property Fund, L.P.
As of September 30, 2017, the IMRF total portfolio was valued at $39.8 billion.