IMRF Investments News

OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved commitments of up to $170 million to the Alternatives asset class of which $35 million or 20% was committed to a minority-owned firm. In addition, the Board reviewed and approved its Investment Committee Charter and Statement of Investment Policy for 2026, incorporating several changes. The Board also accepted the Annual Investment Reports. Lastly, the Board approved the strategic asset allocation plan.

The Board approved the following commitments, subject to satisfactory legal due diligence:

Alternative Investments

• Up to $35 million to Awani Capital Fund I, L.P. IMRF is an existing investor in Awani Capital with $4 million in aggregate investments. Awani Capital qualifies as a minority-owned firm per the Illinois Pension Code.
• Up to $60 million to Franciso Partners VIII, L.P and Francisco Partners Agility IV, L.P. IMRF is an existing investor in Francisco Partners, with $50 million in aggregate commitments.
• Up to $75 million to New Enterprise Associates (NEA) 19, L.P and NEA 19 Venture Growth Equity, L.P. IMRF is an existing investor in NEA, with $50 million in aggregate commitments.

Annual Investment Reports

2025 Report on Minority and Emerging Manager Program

Highlights of the 2025 Minority and Emerging Investment Manager Utilization Report include:

• Minority-owned investment management firms invest $16.97 billion on behalf of IMRF.
• Minority-owned investment management firms invest 27.9% of the total Fund’s market value and 34.5% 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.

2025 Report on Minority Broker-Dealer Program

Highlights of the 2025 Minority Broker/Dealer Utilization Report include:

• IMRF’s investment managers traded with 23 Minority-owned broker/dealers.
• IMRF’s Equity portfolio generated $10.5 million in Equity commissions. Of that amount, minority-owned broker/dealers earned $3.3 million or 31.2% of total Equity commissions.
• IMRF’s Fixed Income portfolio traded 52.9 billion par volume. Of that amount, minority-owned broker/dealers executed trades totaling 2.65 billion or 5.01% of total par volume.

2025 Report on Security Lending Program

2025 Security Lending Activity Report highlights include:

• During 2025, IMRF generated approximately $9.3 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.

2025 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 2025, IMRF voted over 7,051 domestic and international equity ballots representing 58,095 proposals.

Strategic Asset Allocation Review

The Board approved the following:

• Authorize the adoption of a strategic asset allocation as of April 1, 2026, with the following parameters:
• 31.5% U.S. Equity
• 18.0% International Equity
• 25.0% Fixed Income
• 11.0% Private Real Assets
• 13.5% Alternative Investments
• 1.0% Cash

• Authorize the adoption of a policy benchmark as of April 1, 2026, with the following parameters:
• 31.5% Custom U.S. Equity Benchmark
• 18.0% MSCI All Country World Index ex USA (Net)
• 25.0% Custom Fixed Income Benchmark
• 11.0% Custom Private Real Assets Benchmark
• 13.5% Custom Alternative Investments Benchmark
• 1.0% 3-Month T-Bills

As of January 31, 2026, the total IMRF portfolio was valued at $61.8 billion.

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