IMRF Pumps $250M into Alternatives Program

The Illinois Municipal Retirement Fund (IMRF) recently allocated $250 million to its real estate, real assets, private equity and private credit programs.

In real assets, two funds were chosen. BIG Real Estate Fund III was awarded a $75 million mandate, while the minority and woman-owned BIG already invests $55 million on behalf of the IMRF. Fund III is focused on residential workforce housing.

The $56 billion pension fund committed another $25 million to Grain Communications Opportunity Fund IV. Grain Management, which also qualifies as a minority-owned firm per the Illinois Pension Code, intends to raise $4 billion for the fund which will make equity investments in businesses in the broadband, data center and telecom-tower sectors.

Within private equity, two funds were selected from existing managers. BPEA Private Equity Fund IX saw a $100 million allocation. The Barings Asia Private Equity Fund series pursues control investments across healthcare, technology services, business services, education, financial services, consumer and advanced manufacturing services.

The private credit program received a $50 million allocation to Francisco Partners’ FP Credit Fund III. The fund’s emphasis is on distressed debt and mezzanine across a variety of sectors.