Illinois Retirement Earmarks $200M to Alts Portfolio

The Illinois Municipal Retirement Fund (IMRF) has allocated $150 million to real assets and $50 million to private equity in a string of commitments.

Starwood Capital Group scooped up $100 million for its 13th distressed opportunity fund. Fund XIII is reported to be targeting a hefty $10 billion for investments across the US, Europe and Asia Pacific.

The most recent fund is looking to match the $10 billion it raised for its previous vehicle in the strategy and top the $7.5 billion made for a similar fund in 2018.

Starwood focuses on global real estate assets and has invested over $245 billion since its inception in 1991. The $49 billion pension has committed as much as $245 million to Starwood’s past funds.

Pan-US Grandview Partners secured $50 million from IMRF towards its third flagship vehicle. The minority-led real estate investor had not set a goal in December SEC filings that declared $45 million in commitments but will likely look to top the $379 million raised for its predecessor.

A $50 million commitment was made to Charlesbank Technology Opportunities Fund II. Charlesbank, which began fundraising for the vehicle in 2022, has not set a target for the fund but had registered it collected over $621 million in SEC filings made late last year.

The New York and Boston-based firm will target U.S. middle market technology companies with the latest vehicle. Charlesbank is an existing manager to IMRF, with nearly $15 million in aggregate commitments over the years.