IMRF Directs $320M to Alternative Investments
The Illinois Municipal Retirement Fund approved $320 million in commitments across eight real assets and alternative investment managers at its Aug. 28 trustees meeting.
The $65 billion pension fund said $100 million went to women- and minority-owned investment firms. The allocations follow $430 million in credit and private equity commitments approved in May.
IMRF committed $120 million across three real estate managers. Minority-owned Arc Capital Partners received up to $35 million for Arc Capital Partners Fund II, which targets middle-market value-added investments through recapitalizations, rescue financing and direct acquisitions.
Women-owned Chicago Pacific Founders received $35 million for Healthcare Real Estate IV. The fund targets senior housing, medical office buildings and other health care properties. IMRF has previously invested with the firm through health care-focused growth equity strategies.
Artemis Real Estate Partners received $50 million for Fund V, a noncore vehicle focused on industrial, residential and select alternative property sectors. Artemis already manages more than $1 billion for IMRF.
The remaining $200 million went to private equity and venture capital managers.
KKR received $50 million for Asian Fund V, which plans to make 20 to 30 investments across Australia, Greater China, India, Japan, South Korea and Southeast Asia.
IMRF allocated a combined $50 million to FirstMark Capital VII and FirstMark Capital Growth V. Lightspeed Venture Partners received $35 million for its AI Renaissance Fund, adding to the pension system’s existing $735 million relationship with the venture firm.
Women-owned Inspired Capital received $30 million for Inspired Capital Partners IV, an early-stage generalist venture fund co-founded by former U.S. Commerce Secretary Penny Pritzker.
Prairie Capital received the final $35 million allocation for Prairie Capital VIII, which targets control investments in lower-middle-market businesses. IMRF previously had indirect exposure of approximately $1.6 million to the Chicago-based private equity firm.
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