IMRF issues RFP for a minority manager

Illinois Municipal Retirement Fund has issued an RFP for a private equity minority-owned manager.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, US
AUM: $54.7 billion
Allocation to alternatives: 15.7%

Illinois Municipal Retirement Fund has issued a request for proposal for a private equity fund manager, according to a press release by the firm. The pension is looking for a fund manager to manage $50 million.

The primary criteria for the pension is that the manager is minority-owned, woman-owned or owned by a person with a disability. Eligible firms must meet these descriptions as outlined in the Business Enterprise for Minorities, Women and Persons with Disabilities Act.

Further requirements for fund manager submissions:

    • The finalist must be either an investment manager and registered with the Securities and Exchange Commission (SEC) or a bank.
    • The manager must “have sufficient assets under management to support the professional staff required to successfully manage the strategy”.
    • The finalist must comply with the pension’s due diligence procedures
    • The fund that the selected investment manager submits must a have a sustainable/ESG strategy for investments.

The deadline for submission is 9 May 2022.

The $54.7 billion US public pension’s recent private equity commitments have tended to target either venture capital or growth equity vehicles that focus on North America.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.