Illinois Municipal Retirement Fund, Oak Brook, is searching for at least one manager to run a total of $25 million in venture capital, confirmed spokesman John Krupa.
The pension fund is looking for funds focused in only the technology or health-care sectors and invested in early-stage companies. Only managers currently in the fundraising stage will be considered. The objective of the manager is to deliver returns that are at least in the top quartile of the Thomson Reuters private equity database, according to the RFP.
IMRF has about $372 million committed to venture capital through separate account managers, Mr. Krupa said in an e-mail. The pension plan has a 6% target allocation to alternatives and had an actual allocation of 4.7% as of Dec. 31.
“Increasing our commitment to alternatives overall is a key driver of this search,” Mr. Krupa said.
The RFP is available on IMRF's website. Proposals are due March 22. A hiring decision is anticipated by May 31.