Illinois Municipal Approves $80M to Alts, Selects Callan

The Illinois Municipal Retirement Fund (IMRF) approved two commitments totalling $80M to venture capital and private equity funds, according to recently published materials from its August 30 board meeting.

IMRF allocated $50M to Summit Partners Growth Equity Fund XII, a private equity growth strategy, adding to the $55.5M in aggregate commitments already managed by Summit for the Chicago-based pension.

IMRF also allocated $30M to early stage venture capital fund Vensana Capital III, building on an existing investment relationship with Vensana, which already manages $40M in aggregate commitments from the pension.

The IMRF board also approved the selection of Callan to serve as its new investment consultant provider. Callan’s five-year term will go into effect January 1, 2025, following the expiration of IMRF’s contract with Wilshire.

As of June 30, IMRF’s portfolio had a market value of $54B.

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