Illinois Municipal Retirement Fund Commits $300M to Real Assets, Alts

In May, the Illinois Municipal Retirement Fund made $300 million in investment commitments to four existing managers, the fund announced on May 30. Commitments were made across private equity, venture capital and real estate strategies. 

The IMRF committed up to $125 million to the Blue Owl Real Estate Fund VII from Blue Owl Capital. The IMRF is an existing investor in Blue Owl and its real estate subsidiary Oak Street Funds, with $275 million in aggregate commitments. 

The pension fund committed up to $75 million to three funds from Vinod Khosla’s Khosla Ventures; Khosla Ventures Fund IX, L.P., Khosla Ventures Seed G L.P. and Khosla Ventures Opportunity III L.P., according to the IMRF, which has $92.6 million in aggregate commitments with Khosla Ventures. 

IMRF also committed up to $50 million with Charlesbank Capital Partners’ Charlesbank Equity Fund XI L.P. and committed up to $50 million to Great Hill Partners’ Great Hill Equity Partners IX L.P. The IMRF has existing aggregate commitments of $64.9 million and $16.1 million with Charlesbank and Great Hill, respectively.  

The IMRF manages $55.2 billion in assets, as of March 31, and provides retirement benefits for nearly 340,000 beneficiaries, who are primarily local government employees in Illinois, excluding Chicago. The pension has a funded status of 96.6%, according to its website.  

The fund allocates 34% of its assets to domestic equity, 20% to global equity, 22% to fixed income, 13% to alternative investments, 10% to private real assets, and 1% to cash and cash equivalents.  

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Maryland Pension, Barings Form Partnership for Infrastructure, Emerging Managers 

Tags: Alternatives, Illinois Municipal Retirement Fund, IMRF, Real Assets