February 21, 2025
OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $340 million in commitments within the Alternatives and Real Assets asset classes, of which 48% was committed to MWBE investment management firms. In addition, the Board approved implementing the next phase of the long-term strategic asset allocation plan.
The Board approved the following commitments, subject to satisfactory legal due diligence:
Alternatives
- Up to $100 million in total to four Lightspeed Venture Partners funds: Lightspeed Venture Partners XV-A (Inception), L.P., Lightspeed Venture Partners XV-B (Ignite), L.P., Lightspeed Venture Partners Select VI, L.P., and Lightspeed Opportunity Fund III, L.P. The exact allocation amount to each fund will be determined later. IMRF is an existing investor in Lightspeed funds, with $661 million in aggregate commitments.
- Up to $100 million to Strategic Value Special Situations Fund VI, L.P. IMRF is an existing investor in Strategic Value Partners funds, with $75 million in aggregate commitments. Strategic Value Partners qualifies as a minority-owned firm per the Illinois Pension Code.
- Up to $40 million in total to two Base10 funds: Base10 Seed & Series A IV, L.P. and Base10 Series B II, L.P. IMRF is an existing investor in Base10 funds, with $10 million in aggregate commitments. The exact allocation amount to each fund will be determined later. Base10 qualifies as a minority-owned firm per the Illinois Pension Code.
Real Assets
As a result of the Residential Real Estate RFP, the following commitments were made:
- Up to $50 million to Pretium Affordable Single-Family Rental Fund VII, L.P.
- Up to $25 million to Mesirow Financial Real Estate Value Fund V, L.P.
- Up to $25 million to S2 Real Estate Fund II, L.P. S2 Capital qualifies as a minority-owned firm per the Illinois Pension Code.
Strategic Asset Allocation Review
The Board approved the following:
- Continue with the next phase of the Board authorized strategic asset allocation implementation plan as approved on December 16, 2022.
- Authorize the adoption of a strategic asset allocation as of January 1, 2025, with the following parameters:
- 32.5% U.S. Equity
- 18.0% International Equity
- 24.0% Fixed Income
- 10.5% Private Real Assets
- 14.0% Alternative Investments
- 1.0% Cash
Authorize the adoption of a policy benchmark as of December 31, 2025, with the following parameters:
- 32.5% Custom U.S. Equity Benchmark
- 18.0% MSCI All Country World Index ex USA (Net)
- 24.0% Custom Fixed Income Benchmark
- 10.5% Custom Private Real Assets Benchmark
- 14.0% Custom Alternative Investments Benchmark
- 1.0% 3-Month T-Bills
As of December 31, the total IMRF portfolio was valued at $54.9 billion.
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