February 3, 2023
December 2022 Investment News
OAK BROOK, Ill. –On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $50 million in commitments to the Real Assets asset class and up to $100 million in commitments within the Alternatives asset classes. In addition, the Board approved the Investment Committee Charter and Statement of Investment Policy.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Real Assets
- Up to $50 million to Brasa Real Estate Fund III, L.P. IMRF is an existing investor in Brasa funds with a $30 million commitment, through the Artemis Spruce separate account. The firm qualifies as Minority-owned (Latino) as defined by the Illinois Pension Code.
Private Equity
- Up to $50 million to STG VII, L.P. IMRF is an existing investor in STG funds with a $3 million commitment, through an IMRF separate account manager.
- Up to $50 million to Parthenon Investors VII, L.P. IMRF is an existing investor in Parthenon funds with $22.1 million in aggregate commitments, through IMRF’s separate account managers.
Investment Committee Charter and Statement of Investment Policy
The Board approved the recommended changes to the Investment Committee Charter and Statement of Investment Policy. A few highlights of the recommended changes are:
- Increased the minority investment manager goal for the Fixed Income asset class to 40% from 35%
- Added the Long-term Asset Allocation Targets and the Fund’s Policy Benchmark, which will be implemented over a three-year period
- Added the 2023 Asset Allocation Targets and the Fund’s Policy Benchmark
- Decreased the maximum commitment to any one Private Real Asset and Alternatives investment manager to 35% from 40%
As of December 31, the total IMRF portfolio was valued at $47.9 billion.
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