IMRF Investments News

OAK BROOK, Ill. – On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved commitments of up to $430 million to the Real Asset and Alternative asset classes, of which $75 million or 17% was committed to a women-owned firm. Additionally, the Board redeemed one investment.

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

Real Assets – Infrastructure

• Up to $125 million to J.P. Morgan Infrastructure Investments Fund.
• Up to $125 million to Macquarie Global Infrastructure Fund.

Alternative Investments

• Up to $30 million to Left Lane Capital Partners III, L.P. IMRF is an existing investor in Left Lane Capital Partners, with $1 million of indirect exposure.
• Up to $75 million to Manulife Comvest Credit Opportunities Fund II L.P. IMRF is an existing investor in Manulife Comvest Credit Partners, with $102 million in aggregate commitments.
• Up to $75 million in aggregate to Turning Rock Fund IV, L.P. and Turning Rock Fund IV Co-Investment vehicle. IMRF is an existing investor in Turning Rock Partners, with $50 million in aggregate commitments. Turning Rock Partners qualifies as a women-owned firm per the Illinois Pension Code.

Redemption

The Board authorized a full redemption from Brown Capital Management due to concerns over the firm’s personnel changes and persistent underperformance of the International Equity strategy. Brown Capital Management manages approximately $100 million for IMRF, as of May 26, 2026. The Brown Capital Management proceeds will be used to support benefit payments and fund capital calls.

As of March 31, 2026, the total IMRF portfolio was valued at $60.9 billion.

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