Illinois Municipal Retirement Fund, Oak Brook, hired three managers for active large-cap value international equities, assigning a total of $500 million, according to an IMRF statement.
The $25.8 billion fund allocated $400 million to Mondrian Investment Partners, $75 million to Lazard Asset Management, and $25 million to Lombardia Capital Partners.
The hirings resulted from a search begun in August. Callan Associates assisted.
The source of the funding couldn't be confirmed. At the time the RFP was issued, funding was expected to come from an MSCI EAFE index fund, managed by Northern Trust Global Investments, valued at the end of January at $1.6 billion.