IL Police Allocates $390M to Oaktree, Names Private Markets Consultant Finalists

The Illinois Police Officers Pension Investment Fund (IPOPIF) is investing $390M in a customized private credit platform managed by Oaktree Capital Management and has its private markets consultant search down to four finalists.

The police pension disclosed in materials related to its January 24 meeting that in December of last year it approved allocating approximately $390M, or 3% of its total portfolio, to a customized private credit platform managed by Oaktree. The pension said set-up of the private credit platform is “proceeding on track,” and it expects to start funding the Oaktree Global Credit Fund by the end of February as a “feeder/buffer for private loans.”

Meanwhile, the pension has also arranged interviews with consultants Verus, Callan, Albourne, and Wilshire at its January meeting, in the final selection process of its private markets investment consultant search. IPOPIF had issued an RFP in September of last year seeking consultants for its private markets portfolio, which consists of a 7% long-term target allocation to private equity, 5% to private credit, 5% to real estate, and 3% to infrastructure. Among the finalists, Verus also serves as general consultant for the pension.

As of the latest Dakota data, the Illinois Police’s aggregate fund value is approximately $13B.