Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, US
AUM: $56.8 billion
Allocation to alternatives: 12.8 percent
Illinois Municipal Retirement Fund has approved $115 million-worth of commitments to two private equity funds and two co-investments, according to a press release from the pension.
The commitments comprised $50 million each to Clearlake Opportunities Partners III, $20 million to New Enterprise Associates 18 and $30 million to NEA 18 Venture Growth Equity. The pension will also invest $15 million into co-investment vehicles created by both of the New Enterprise Associates’ managed funds.
In the press release following the pension’s February investment committee meeting, the pension announced it would increase its target for investing in minority investment managers for the private equity market. Previously, the pension aimed for 22%, which will rise to 25% by March 1 2022.
IMRF has a 5.46 percent allocation to private equity. The pension’s private equity portfolio has a market value of $3.1 billion.
The $56.8 billion US public pension’s recent private equity commitments have tended to target North American venture/growth equity vehicles.
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