IMRF Investments News

November 22, 2024

OAK BROOK, Ill. - On Friday, the Illinois Municipal Retirement Fund (IMRF) Board of Trustees approved up to $250 million in commitments within the Real Assets and Alternatives asset classes, of which $100 million or 40% was committed to minority-owned or woman-owned firms. The Board also authorized the termination of a manager on organizational watch, and the reallocation of the proceeds to four existing managers.

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

Real Assets Commitments

• Up to $75 million to BIG Real Estate Fund III, L.P. IMRF is an existing investor in BIG funds, with $55 million in aggregate commitments. BIG qualifies as a minority and woman-owned firm per the Illinois Pension Code.
• Up to $25 million to Grain Communications Opportunity Fund IV, L.P. IMRF is an existing investor in Grain funds, with $7.5 million in aggregate commitments. Grain qualifies as a minority-owned firm per the Illinois Pension Code.

Alternatives Commitments

• Up to $100 million to BPEA Private Equity Fund IX, L.P. IMRF is an existing investor in BPEA funds, with $176.7 million in aggregate commitments.
• Up to $50 million to Francisco Credit Partners, III, L.P. IMRF is an existing investor in Francisco Partners funds, with $13.52 million in aggregate commitments.

The Board approved the following redemption and reallocations, subject to satisfactory legal due diligence:

Public Markets

• The termination and full redemption from the Western Asset Management Company, L.L.C., Core Plus bond strategy. Western was placed on IMRF's organizational watch list in August 2024.
• Up to $250 million from the redemption proceeds to Longfellow Core Plus Fixed Income strategy. IMRF is an existing investor in Longfellow funds, with $594.9 million in aggregate commitments. Longfellow qualifies as a woman-owned firm per the Illinois Pension Code.
• Up to $250 million from the redemption proceeds to Loop Core Plus Fixed Income strategy. IMRF is an existing investor in Loop funds, with $601 million in aggregate commitments. Loop qualifies as a minority-owned firm per the Illinois Pension Code.
• Up to $100 million from the redemption proceeds to Brandes Core Fixed Income strategy. IMRF is an existing investor in Brandes funds, with $345.7 million in aggregate commitments.
• The residual redemption proceeds to NTI Barclays Aggregate Bond Index passive strategy. IMRF is an existing investor in NTI Passive funds, with $1,213 million in aggregate commitments.

As of September 30, the total IMRF portfolio was valued at $56.4 billion.

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