November 17, 2023
OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $440 million in commitments within the Real Assets and Private Equity asset classes, of which $105 million or 24% was committed to minority-owned or woman-owned firms.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Real Assets
- Up to $150 million to Barings Real Estate Debt Income Fund, L.P. IMRF is an existing investor in Barings real estate funds, with $75 million in aggregate commitments.
- Up to $75 million to Partners Group Direct Infrastructure IV, L.P. IMRF is an existing investor in Partners Group funds, with $200 million in aggregate commitments.
- Up to $25 million to JLC Infrastructure Fund II, L.P. IMRF is an existing investor in JLC funds, with $25 million in aggregate commitments. JLC qualifies as a minority-owned firm per the Illinois Pension Code.
Private Equity
- Up to $60 million to Insight Partners XIII, L.P. IMRF is an existing investor in Insight funds, with $82.6 million in aggregate commitments.
- Up to $50 million in aggregate to SK Capital Partners VI, L.P. IMRF is an existing investor in SK Capital funds, with $4.3 billion in aggregate commitments through one of the SMAs. SK Capital qualifies as a minority-owned firm per the Illinois Pension Code.
- Up to $50 million to ABRY Partners X, L.P. IMRF is an existing investor in ABRY funds, with $343.5 million in aggregate commitments.
- Up to $30 million to Agent Capital Fund III, L.P. IMRF is an existing investor in Agent Capital funds, with $20 million in aggregate commitments. Agent Capital qualifies as a minority, woman-owned firm per the Illinois Pension Code.
Public Markets
The Board ratified the following recommendation:
- On September 6, 2023, IMRF Staff and Wilshire recommended a full redemption of about $650 million from the Genesis Emerging Markets strategy. Genesis had been on IMRF’s watch list since 2022 due to unexpected senior investment personnel turnover. The assets will be fully redeemed by the end of the year and reallocated to the NTI ACWI ex-US Index passive account.
Alternatives Unfunded Commitments Update
- IMRF Investment Staff is no longer pursuing a $40 million commitment to the ABRY Secured Credit Opportunities Fund, L.P. (ASCO) and therefore will reduce the Alternatives unfunded commitments for all approved but not closed investments by $40 million. IMRF made this decision after ABRY paused ASCO fundraising, due to market changes.
As of September 30, the total IMRF portfolio was valued at $48.9 billion.
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