OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved a $1.3 billion redemption, and $510 million in commitments to five firms across the public markets, private equity, and real estate asset classes, subject to satisfactory legal due diligence. This includes up to $350 million in commitments to Minority and/or Women-owned Business Enterprise (MWBE) firms.
Public Markets: $1.3 billion redemption and $300 million in commitments, pending satisfactory legal diligence.
The Board approved the following redemption:
- Approximately $1.3 billion from Progress Investment Management manager-of-managers’ program. Progress previously announced its intention to close its business no later than May 31, 2020. The assets will be reinvested in a combination of existing equity and fixed income investments, private market investments, and a source for meeting cash needs. Assets will stay with minority investment managers once fully redeployed, excluding temporary positioning.
The Board approved commitments to the following:
- Up to $175 million to Longfellow Investment Management to manage a direct core plus fixed income mandate. Longfellow qualifies as a MWBE firm. IMRF has an established indirect relationship with Longfellow through the Progress Investment Management manager-of-managers arrangement.
- Up to $125 million to Ramirez Asset Management to manage a direct core fixed income mandate. Ramirez qualifies as a MWBE firm. IMRF has an established indirect relationship with Ramirez through the Progress manager-of-managers arrangement.
IMRF launched a Public Markets MWBE Manager of Managers RFP on February 3, 2020. This RFP is exclusively for MWBE Manager of Manager to respond. The proposals must offer multi-manager mandate(s) solely utilizing managers that qualify as minority owned as defined by the Illinois Pension Code. Finalist recommendations are expected to be presented at the May 2020 Investment Committee.
As of December 31, 2019, IMRF’s Minority investment manager program is $10.5 billion invested across domestic equity, international equity, fixed income, private equity and real estate asset classes, representing 23.5% of the Fund, above IMRF’s aspirational goal of 20%.
Private Equity: $110 million in commitments, pending satisfactory legal diligence.
The Board approved commitments to the following:
- Up to $60 million to Sterling Group Partners V, L.P. IMRF has an established relationship with Sterling, including existing commitments of $35 million in aggregate.
- Up to $50 million in aggregate to Mayfield XVI and Mayfield Select II, L.P. IMRF has an established relationship with Mayfield, including existing commitments of $36.3 million in aggregate. Mayfield qualifies as a MWBE firm.
Real Estate: $100 million in commitments, pending satisfactory legal diligence.
The Board approved commitments to the following:
- Up to $100 million to Crow Holdings Realty Partners IX, L.P. IMRF has an established relationship with Crow Holdings, including existing commitments of $150 million in aggregate.
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