OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $150 million in commitments to the Real Assets asset class and $50 million in commitments to the Private Equity asset class. Additionally, the Board approved the revised Master Trustee agreement with Northern Trust and accepted the Annual Investment Reports.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Real Assets
- Up to $100 million to Starwood Distressed Opportunity Fund XIII Global, L.P. IMRF is an existing investor in Starwood funds with $245 million in aggregate commitments.
- Up to $50 million to Grandview III, L.P. IMRF is an existing investor in Grandview funds with $30 million in aggregate commitments. Grandview III, L.P. qualifies as a minority owned firm per the Illinois Pension Code.
Private Equity
- Up to $50 million to Charlesbank Technology Opportunities Fund II, L.P. IMRF is an existing investor in Charlesbank funds with $14.85 million in aggregate commitments.
Annual Investment Reports
2023 Report on Minority and Emerging Manager Program
Highlights of the 2023 Minority and Emerging Investment Manager Utilization Report include:
- Minority-owned investment management firms invest $13.6 billion on behalf of IMRF.
- Minority-owned investment management firms invest 26.2% of the total Fund’s market value and 33.4% of IMRF’s actively managed assets (excluding index investments).
- IMRF has direct relationships with Minority-owned investment managers across all five asset classes.
- Additionally, 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.
2023 Report on Minority Broker-Dealer Program
Highlights of the 2023 Minority Broker/Dealer Utilization Report include:
- IMRF exceeded its Minority brokerage goals by each asset class.
- IMRF’s investment managers traded with 25 Minority-owned broker/dealers.
- IMRF’s Equity portfolio generated $45.9 million in Equity commissions. Of that amount, minority-owned broker/dealers earned $12.7 million or 27.76% of total commissions.
- IMRF’s Fixed Income portfolio traded 71.9 billion par value. Of that amount, minority-owned broker/dealers executed trades totaling 4.0 billion or 5.62% of total par value.
2023 Report on Security Lending Program
2023 Security Lending Activity Report highlights include:
- During 2023, IMRF generated approximately $10.2 million in security lending income across separately managed accounts and commingled fund investments.
- Both IMRF and Northern Trust actively monitor the security lending program via established protocols and procedures.
2023 Report on 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 2023, IMRF voted over 5,049 domestic and international equity ballots representing 48,232 proposals.
Renewal of Northern Trust Master Custody Agreement & Fee Schedule
The Board approved the revised Northern Trust Master Trust Agreement and Fee Schedule which will expire on December 31, 2034.
As of February 29, 2024, the total IMRF portfolio was valued at $53.2 billion.
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