FUNDRAISING NEWS | November 25, 2024
The Illinois Municipal Retirement Fund approved investments of up to $250M in alternatives, 40% of which was committed to firms that are minority- and/or women-owned, while also announcing a full redemption of its allocation to Western Asset Management.
The pension announced on November 22 that within real assets its board authorized commitments of up to $75M to BIG Real Estate Fund III and $25M to Grain Communications Opportunity Fund IV. Both are existing relationships, with IMRF having previously invested $55M to BIG funds and $7.5M to Grain funds.
In alternatives, IMRF’s board authorized commitments of up to $100M to BPEA Private Equity Fund IX and $50M to Francisco Credit Partners III. Both are also existing relationships, with IMRF having invested $176.7M in aggregate to BPEA funds and $13.52M to Francisco Partners funds.
The IMRF board also approved the termination and full redemption of its investment in Wamco’s Core Plus bond strategy. From the redemption, the pension said it will allocate up to $250M each to Longfellow Core Plus Fixed Income strategy and Loop Core Plus Fixed Income strategy. Brandes Core Fixed Income strategy will receive up to $100M from the redemption, with remaining redemption proceeds going to the NTI Barclays Aggregate Bond Index passive strategy.
The pension said that as of September 30 its total portfolio was valued at $56.4B.
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