OAK BROOK, Ill. - Today, the Illinois Municipal Retirement Fund’s (IMRF) Board of Trustees approved multiple recommendations, subject to satisfactory legal due diligence.
Private Equity
The Board approved commitments to the following:
- $75 million to The Baring Asia Private Equity Fund VII, L.P.
- $75 million to Waud Capital Partners V, L.P.
- $75 million to Vistria Fund III, L.P. a minority owned firm
IMRF has established relationships and exposure with all three firms: Baring Asia, $1.99 million through Pantheon Ventures; Waud, $4 million through Abbott Capital Partners; and Vistria, $96.1 million.
Closed-End Infrastructure Search
The Board approved a commitment up to $25 million to JLC Infrastructure Fund I, L.P. The intent of this Request for Proposal (RFP) search was to establish a contractual relationship between IMRF and the selected firm(s) for the purpose of providing IMRF with diversified North American or Global, multi-sector unlisted infrastructure equity investment management services.
As of September 30, 2018, $8.67 billion of the IMRF portfolio is managed by minority and women owned firms.
Assumed Rate of Return
At its meeting today, the IMRF Board of Trustees lowered the amount it assumes IMRF will annually earn on its investment portfolio. At the recommendation of actuarial consultant GRS Retirement Consulting, the Board lowered the assumption from 7.5% net of fees to 7.25% net of fees, effective January 1, 2019.
This change is consistent with market trends and actions taken by most public pension funds across the nation. For more detail, review a presentation that GRS made to the Board at its November meeting here.
As of September 30, 2018, the IMRF total portfolio was valued at $42.4 billion.
