August 25, 2023
OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $554 million in commitments to the Alternatives asset class, of which $225 million or 40% was committed to minority-owned firms. These commitments are part of IMRF’s Direct Lending, Opportunistic and Distressed/Special Situations Fund Manager Search.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Alternatives: Private Credit
- Up to $125 million to Jefferies Direct Lending SMA.
- Up to $75 million to MC Credit Partners (Fund) IV, L.P. The firm qualifies as minority-owned as defined by the Illinois Pension Code.
- Up to $50 million to Ashgrove Specialty Lending Fund II SCSp.
- Up to $75 million to Crayhill Principal Strategies Fund III, L.P. The firm qualifies as minority-owned as defined by the Illinois Pension Code.
- Up to $50 million to Pemberton Strategic Credit Fund III SCSp.
- Up to $50 million to MGG Structured Solutions Fund II, L.P.
- Up to €50 million to Alchemy Special Opportunities Fund V, L.P.
- Up to $75 million to Strategic Value Capital Solutions Fund II, L.P. The firm qualifies as minority-owned as defined by the Illinois Pension Code.
As of July 31, 2023, the total IMRF portfolio was valued at $51.8 billion.
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