Key Takeaways
- Geography: United States.
Analysis
Last Friday April 12th, 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.
The Board approved the following commitments, subject to satisfactory legal due diligence:
- 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.
- 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.
Founded in 1939, IMRF is a public pension fund serving the employees of local governments and school districts in the state of Illinois. The fund provides retirement, disability, and death benefits to its members and is funded by employer and employee contributions, as well as investment returns.
As of January 31st, the total IMRF portfolio was valued at $52.3 billion.
In February 2024, the pension fund announced the adoption of a strategic asset allocation as of January 1, 2024 with the following parameters:
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- 33.5% U.S. Equity
- 18.0% International Equity
- 24.5% Fixed Income
- 10.5% Private Real Assets
- 12.5% Alternative Investments
- 1.0% Cash