Illinois Municipal Retirement Commits $340M to Alternatives; Considers Emerging Markets Search

The Illinois Municipal Retirement Fund (IMRF) has disclosed seven alternative investments totaling up to $340 million.

Private Equity

IMRF committed to three Versant Ventures funds. $50 million was committed to Versant Venture Capital IX, and $25 million will be committed to both Versant Voyageurs III and Versant Vantage III. $60 million was also committed to buyout fund, IK X Fund, managed by IK Partners. Harpoon Ventures Fund IV was also approved for a $30 million investment. 

Real Estate

$75 million was approved for value-add real estate fund, Rockwood Capital Real Estate Partners XII. Additionally, $75 million will be allocated to real estate debt fund, Torchlight Debt Fund VIII.

Emerging Markets Rebalance

Also approved at the November 17 board meeting was a $400 million redemption from the Genesis Emerging Markets account. Funds will be allocated to the Arrowstreet Emerging Markets Equity Strategy. The reallocation will “diversify and decrease concentration risks within the Emerging Markets strategy”, according to a news release from the pension fund. IMRF is considering an Emerging Markets RFP in the first half of 2023.

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.