OAK BROOK, Ill. – Today, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved multiple investment recommendations, subject to satisfactory legal due diligence.
Private Equity
The Board approved the following commitments, up to:
- $75 million to ABRY Advances Securities Fund IV, L.P.
- $40 million to Versant Ventures VII, L.P.
- $20 million to Versant Medical Technology I, L.P.
IMRF has existing relationships with both firms: ABRY’s exposure is $143.3 million across 12 investment vehicles and Versant manages $50 million directly across three investment vehicles.
Public Markets Recommendations
The Board approved the following recommendations:
- Authorization to change the Crescent High Income Fund mandate to a Crescent Private Debt separately managed account mandate
- IMRF will make a full redemption from the High Income Fund mandate to fund the Private Debt mandate
- Authorization to change the Ativo U.S. Micro-Cap mandate to an International Developed + Canada mandate
- IMRF will make a full withdrawal from the U.S. Micro-Cap mandate to fund the International Developed + Canada mandate
Renewal of Master Trust Fee Schedule
The Board approved the five-year extension of the current Northern Trust master trust fee schedule. This extension will enable our existing master trust fee schedule with Northern to continue through March 31, 2024.
Investment Updates
IMRF Investment Staff will no longer pursue the following:
$100 million commitment to the Oaktree Transportation and Energy Infrastructure Fund (Parallel), L.P and therefore will reduce the Alternatives unfunded commitments for all approved but not closed investments by $100 million.
$150 million commitment to the Heitman America Real Estate Trust, L.P. and therefore will reduce the Real Estate unfunded commitments for all approved, but not closed investments by $150 million.
€50 million commitment to the CBRE Pan-European Core Fund and therefore will reduce the Real Estate unfunded commitments for all approved but not closed investments by €50 million (approximately $58.4 million)
As of June 30, 2018, the IMRF total portfolio was valued at $41.3 billion.
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