OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved approximately $237 million to two firms in the private equity and real estate asset classes, subject to satisfactory legal due diligence.
Private Equity, $125 million in commitments, pending satisfactory legal diligence.
The Board approved commitments to the following:
- Up to $100 million in aggregate to Lightspeed Venture Partners XIII, L.P. and Lightspeed Venture Partners Select IV, L.P. and up to $25 million to Lightspeed SPV OB, LLC.
IMRF has an established relationship with Lightspeed, including existing commitments of $308 million in aggregate.
Real Estate, €100 million (approximately $112 million) in commitments, pending satisfactory legal diligence.
The Board approved commitments to the following:
- Up to €100 million (approximately $112 million) to Ares European Property Enhancement Partners III, SCSp.
IMRF has an established relationship with Ares, including existing commitments of $277 million in aggregate.
US Large Cap Value Portfolio
The Board approved:
- Terminating the BMO Large Cap Value portfolio, valued at approximately $1.1 billion.
- Authorizing up to $1 billion in assets to be managed by IMRF staff in a new internal domestic equity portfolio, benchmarked to a Scientific Beta US Value factor index.
Investment Charter and Statement of Investment Policy
The Board reviewed and approved the Investment Charter and Statement of Investment Policy as part of the annual review process. The primary changes to the policy include increasing the minority investment manager goals by asset class and adding sustainability language in compliance with HB 2460. The following asset class goals were increased: the International Equity goal from 18% to 20%, the Fixed Income goal from 28% to 30%, the Real Estate goal from 8% to 10%, and the Private Equity goal from 18% to 20%. The emerging investment manager goal for Real Estate increased from 4% to 10%.
As of November 30, the IMRF total portfolio was valued at $43.8 billion.
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