Illinois Municipal Retirement Adds $440M to Real Assets, PE Portfolios

The Illinois Municipal Retirement Fund (IMRF), which manages nearly $49 billion in assets, added $440 million to its real assets and private equity program, according to its latest filings.

In real assets, the retirement fund committed $150 million to the Barings Real Estate Debt Income Fund. In April, the real estate investment firm closed its debut fund at $680 million, exceeding its $500 million target, to focus on office spaces for the life sciences and STEM industries.

IMRF also authorized up to $75 million in funding for Partners Group Direct Infrastructure IV, which already administers $200 million for IMRF.

Officials also committed up to $25 million to JLC Infrastructure’s second flagship fund. Magic Johnson co-founded the New York firm, which is attempting to raise $750 million for its sophomore fund, which aims to create jobs through infrastructure projects in underrepresented neighborhoods.

In private equity, IMRF earmarked $50 million to ABRY Partners X. Abry already administers approximately $344 million for the IMRF. Other private equity mandates awarded to existing managers by the retirement fund were $60 million to Insight Partners XIII, $50 million to SK Capital Partners VI, and $30 million to Agent Capital Fund III.

SK Capital is a minority-owned firm that already manages $4.3 billion through IMRF separately managed accounts. Agent Capital, which administers another $20 million of the pension system’s capital, is also minority and woman owned.