Illinois FPIF Seeking Managers for $180M of New Mandates in PE, Infrastructure

The Illinois Firefighters’ Pension Investment Fund (Illinois FPIF) is seeking expressions of interest from managers keen to oversee two new mandates in large-market buyouts and non-core infrastructure representing a combined $180M.

The Illinois FPIF said it is seeking expressions of interest from managers interested in overseeing an investment of up to $100M in private equity large-market buyout funds and a commitment of up to $80M in infrastructure large-market, non-core funds. The pension currently has 0% exposures to private equity and infrastructure but is targeting allocations of 10% and 4%, respectively, to the asset classes. 

For both searches, the Illinois FPIF said it will only consider general partners with a minimum of $3B in assets under management in the given strategy and a target capitalization of $5B or more and may select one or more managers for each search mandate. The pension also said any candidate fund should primarily target control buyout investments, with the private equity fund making at least 50% of its investments in companies domiciled in North America or Western Europe. For the infrastructure search, the pension said it will only consider closed-end fund vehicles.

There is no deadline for responses, with the Illinois FPIF open to submissions on an ongoing basis. Meketa is assisting in the search.