IMRF Investments News

August 28, 2020
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OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved $600 million in commitments to 6 firms in the public markets and real estate asset classes.

Public Markets: $450 million allocated to Minority and/or Women-owned Business Enterprise (MWBE) Investment Management firms:

The Board approved the following:

IMRF is dedicated to the MWBE Manager space and redeployed the capital managed by Progress to other MWBE firms through direct manager mandates, including new Private Market mandates, graduations, additional allocations, and new Fixed Income and International Equity Manager of Managers mandates. In December 2019, Progress Investment Management, IMRF’s MWBE Manager of Managers, announced it would close its firm by May 31, 2020. At that time, Progress managed approximately $1.3 billion in IMRF assets across two MWBE Manager of Managers portfolios. Including the recommendations approved today, the entirety of the $1.3 billion previously managed by Progress has been redeployed to MWBE managers across U.S Equity ($200 million or 15.3%), International Equity ($350 million or 26.7%), Fixed Income ($400 million or 30.6%), Real Estate ($125 million or 9.6%), and Alternatives ($232.5 million or 17.8%). As a result of these actions, 24% of the total IMRF portfolio will be managed by MWBE investment managers, exceeding IMRF’s aspirational goal of 20%.

Real Estate: $150 million in commitments:

The Board approved commitments to the following:

As of June 30, the total IMRF portfolio was valued at $43.1 billion.