IMRF approves $110m in commitments

The US public pension has backed three PE vehicles across a pair of managers.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, United States
AUM: $44.67bn
Allocation to alternatives: 12.06%
Bitesize: $50-100m

Illinois Municipal Retirement Fund has approved $110 million in commitments across three private equity vehicles, according to the pension’s February 2020 investment committee meeting.

The commitments comprise of $60 million to Sterling Group Partners’ fifth buyout fund and $50 million to two vehicles managed by venture specialists Mayfield Fund: Mayfield XVI and Mayfield Select Fund II. IMRF was not able to share how the $50 million commitment has split between the vehicles.

The $44.67 billion US public pension has a 4.39 percent allocation to private equity.

As illustrated below, IMRF has made several commitments to private equity funds with a 2019 or 2020 vintage, which comprise of a variety of strategy focuses.

Six of the commitments to these funds have been to venture capital/growth equity vehicles; three have been to buyout funds; two to corporate debt funds; with the final four commitments allocated to vehicles differing between co-investment, fund of funds and turnaround strategies.

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