Illinois Municipal Retirement Fund, Oak Brook, added $100 million to Progress Investment Management’s manager-of-emerging managers’ core-plus fixed-income portfolio, according to a report from the $22.2 billion pension fund’s board.
The move raised Progress’s core-plus portfolio to $349 million.
Funding came from reducing allocations to Pyramis Global Advisors and MacKay Shields, both high-yield mangers, by $50 million each, leaving them with $384 million and $364 million, respectively.
Other details were not immediately available.
