OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $207 million in commitments to the Private Equity asset class and $50 million in commitments to the Real Assets asset class. The Board also approved the recommendation to formalize the Private Equity Co-Investment Program and accepted the annual Investment reports.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Private Equity
- Up to $75 million in aggregate to Khosla Ventures Fund VIII L.P., Khosla Ventures Seed F L.P., and Khosla Ventures Opportunity II L.P. IMRF is an existing investor in Khosla Ventures funds with $15.6 million in aggregate commitments. The firm qualifies as Minority-owned as defined by the Illinois Pension Code.
- Up to £60 million (approximately $72 million) to Inflexion Partnership Capital Fund III, L.P. IMRF is an existing investor in Inflexion funds with £577 million in aggregate commitments.
- Up to $60 million in aggregate to Mayfield Fund XVII and Mayfield Select III. IMRF is an existing investor in Mayfield funds with $76.3 million in aggregate commitments. The firm qualifies as Minority-owned as defined by the Illinois Pension Code.
Real Assets
- Up to $50 million to AEW Partners Real Estate Fund X, L.P. IMRF is an existing investor in AEW funds with $320 million in aggregate commitments.
Report on 2022 Diverse Manager Program
Highlights of the 2022 Minority and Emerging Investment Manager Utilization Report include:
- Minority-owned investment management firms invest $12.1 billion on behalf of IMRF.
- Minority-owned investment management firms invest 25.2% of the total Fund’s market value and 27.0% of IMRF’s actively managed assets (excluding index investments).
- IMRF has direct relationships with Minority-owned investment managers across all five asset classes.
- IMRF utilizes Manager of Managers/Fund of Funds to invest in Minority-owned investment managers in International Equity, Fixed Income, Real Assets, and Alternatives asset classes.
Report on 2022 Minority Broker-Dealer Program
Highlights of the 2022 Minority Broker-Dealer Utilization Report include:
- IMRF exceeded its Minority brokerage goals by each asset class.
- IMRF’s investment managers traded with 27 Minority-owned broker-dealers.
- IMRF’s Equity portfolio generated $32.1 million in Equity commissions. Of that amount, minority-owned broker-dealers earned $8.6 million or 26.96% of total commissions.
- IMRF’s Fixed Income portfolio traded 96.6 billion par value. Of that amount, minority-owned broker-dealers executed trades totaling 7.7 billion or 7.94% of total par value.
Report on 2022 Security Lending Program
2022 Security Lending Activity Report highlights include:
- During 2022, IMRF generated approximately $5.7 million across separately managed accounts.
- IMRF’s total security lending income, inclusive of commingled funds, amounted to $7.3 million.
- Both IMRF and Northern Trust actively monitor the security lending program via established protocols and procedures.
Report on 2022 Proxy Voting
- IMRF recognizes its fiduciary responsibility and commits to managing its proxy voting rights with the same care, skill, prudence, and diligence as is exercised in managing its other assets.
- In 2022, IMRF voted over 3,800 domestic and international equity ballots representing 36,819 proposals.
As of January 31, 2023, the total IMRF portfolio was valued at $50.4 billion.
###
