IMRF Investments News

December 18, 2020
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OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees conducted the annual asset allocation review and approved the 2021 asset allocation. The Board adopted the 2021 Investment Committee Charter, the 2021 Statement of Investment Policy, committed $30 million to a minority-owned firm in the Alternatives asset class, and honored IMRF’s outgoing Chief Investment Officer for her service.

Asset Allocation Review

The annual review of the asset allocation was conducted, and the Board approved the 2021 asset allocation. The following changes to the portfolio’s target asset allocation, effective January 1, 2021 are:

The target allocation for cash holdings will remain at 1% of the portfolio.

Investment Committee Charter and Statement of Investment Policy

The Board approved the 2021 Investment Committee Charter and 2021 Statement of Investment Policy

As part of the Statement of Investment Policy recommendation, the Board approved the following changes to the Minority Investment Manager and Broker/Dealer utilization goals:

As of October 31, 2020, IMRF’s Minority Investment Manager program is $10.5 billion invested across domestic equity, international equity, fixed income, and alternatives asset classes, representing 23.5% of the Fund and exceeding IMRF’s aspirational goal of 20%.

Investment Recommendation

The Board approved a commitment of:

Board Honors Outgoing CIO

The Board also thanked outgoing CIO Dhvani Shah for her more than nine years of service. Shah is joining Florida-based JM Family Enterprises, and her last day at IMRF is December 28, 2020. IMRF has developed a transition plan that will ensure the efficient management of the portfolio until Shah’s successor is identified. During her tenure, the assets of the IMRF pension fund increased from $24 billion in 2011 to more than $48 billion today. The Board thanked Shah for her contributions to IMRF and wished her the best in her future endeavors.

As of Nov. 30, the total IMRF portfolio was valued at $48.3 billion.