ABRY, ICV get nod from Illinois Muni

Telecom- and media-focused ABRY received $25m, while ICV Capital was awarded $20m. The latter was part of a mandate for minority-owned funds.

The Illinois Municipal Retirement Fund board of trustees approved commitments to two private equity funds at its meeting last week, spokeswoman Linda Horrell told Private Equity International

The board concluded its search for a minority, female or person with a disability-owned private equity manager for mid-market buyouts, which it launched in June. Of the seven firms to respond to its request for proposal, the board chose to invest $20 million in ICV Capital Partners’ third fund, as well as up to $5 million in a co-investment vehicle. 

ICV Capital Partners’ third flagship fund will focus on investments in the business services, consumer, food, packaging and value-added distribution sectors, according to Horrell. It is unclear what the firm is targeting for the vehicle.  

Fund III’s predecessor was generating an 8.7 percent net internal rate of return and a 1.3x multiple as of 31 December, according to California Public Employees’ Retirement System documents.  

ICV was founded in 1998 by managing partner Willie Woods. The firm is backed American Securities and Initiative for a Competitive Inner City, a non-profit research organisation that focuses on inner city economies.

In addition to ICV, IMRF also approved a $25 million commitment to ABRY Senior Equity IV, which will invest in companies in the media, communications, information and business services industries. The retirement fund had previously invested in seven ABRY funds through separate accounts managed by Abbott Capital and Pantheon Ventures. 

The $26 billion retirement system has a 3.9 percent allocation to alternative investments on a 6 percent target. Last year, the board hired former New York State Teachers’ Retirement System head of private equity Dhvani Shah to oversee its entire investment portfolio as chief investment officer.