November 18, 2022
August 2022 Investment News
OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $342.2 million in commitments within the Real Estate and Private Equity asset classes, and a rebalance within the Emerging Markets strategy.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Real Estate
- Up to $75 million to Rockwood Capital Real Estate Partners Fund XII, L.P. IMRF is an existing investor in Rockwood Capital funds, totaling $175 million in aggregate commitments.
- Up to $75 million to Torchlight Debt Fund VIII, L.P. IMRF is an existing investor in Torchlight funds, totaling $200 million in aggregate commitments.
Private Equity
- Up to $100 million in aggregate to Versant Venture Capital IX, L.P., Versant Voyageurs III, L.P., and Versant Vantage III, L.P. The allocations are expected to be $50 million to Versant Venture Capital IX, L.P., $25 million to Versant Voyageurs III, L.P., and $25 million to Versant Vantage III, L.P. IMRF is an existing investor in Versant funds, totaling $180 million in aggregate commitments.
- Up to €60 million to IK X Fund, L.P. IMRF is an existing investor in IK funds, totaling €59.4 million in aggregate commitments.
- Up to $30 million to Harpoon Ventures Fund IV, L.P. IMRF is an existing investor in Harpoon funds, totaling $37.5 million in aggregate commitments. Harpoon Ventures qualifies as a firm owned by a person with a disability, as defined by the Illinois Pension Code.
Public Markets─Emerging Markets Rebalance
- A redemption up to $400 million from the Genesis Emerging Markets Equity account, reallocating the funds to Arrowstreet Emerging Markets Equity strategy. This reallocation will diversify and decrease concentration risks within the Emerging Markets strategy. An Emerging Markets RFP may be launched during the first half of 2023.
Wilshire, IMRF’s Investment Consultant, presented their Asset Allocation Approach & Capital Market Assumptions Review. They also provided an education session on Private Credit and Co-Investments to the Investment Committee.
As of September 30, the total IMRF portfolio was valued at $45.6 billion.
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