OAK BROOK, Ill. – Today, Executive Director Brian Collins attended his first board meeting, as the leader of the Illinois Municipal Retirement Fund (IMRF). The IMRF Board of Trustees approved multiple investment recommendations, subject to satisfactory legal due diligence.
Private Equity
The Board approved the following commitments, up to:
- £100 million (approximately $138 million) in aggregate to Inflexion Buyout Fund V, L.P. & Inflexion Partnership Capital Fund II, L.P.
- Inflexion Buyout Fund V: Up to £56 million ($77.3 million)
- Inflexion Partnership Capital Fund II: Up to £44 million ($60.7 million)
- $85 million in aggregate to Lightspeed Venture Partners XII, L.P. & Lightspeed Venture Partners Select III, L.P.
- $20 million to Versant Voyageurs I, L.P.
- $15 million to AUA Private Equity Fund II, L.P., a minority-owned firm
IMRF has existing relationships with all of the aforementioned firms. Inflexion: £82 million directly across four investment vehicles; Lightspeed: $115 million directly across seven investment vehicles; and separate account managers have invested $11 million across six investment vehicles. Direct exposures to Versant and AUA are $30 million and $5 million, respectively.
In 2013, IMRF established a direct relationship with AUA Private Equity Partners as a result of IMRF’s sector-focused, middle-market buyout private equity RFP exclusively for minority-owned firms.
MWBE Passive Equity Index Manager Search
- $1 billion allocation to Piedmont Russell 1000 Growth Index, subject to satisfactory legal due diligence
- Allocation funding from the NTI MarketCap Index
- Authorize Staff to complete any documentation necessary to execute this recommendation
Piedmont Investment Advisors began managing IMRF’s assets in 2004. Piedmont managed a Large Cap Core portfolio through the IMRF/Progress manager of managers program from 2004 to 2011. Piedmont was sourced from the IMRF/Progress manager of managers program to manage a large cap core portfolio directly in 2011. Piedmont managed this portfolio for IMRF from 2011 to 2013.
In 2005, IMRF hired Piedmont to manage a Core Fixed Income account. As of 12/31/2017, the Piedmont Core Fixed Income portfolio’s market value was $752 million. Including today’s approval, IMRF’s aggregate AUM with Piedmont will be approximately $1.75 billion.
As of December 31, 2017, the IMRF total portfolio was valued at $41.3 billion.