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.
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