Updated with correction
Illinois Municipal Retirement Fund, Oak Brook, trimmed $200 million from BlackRock’s active large-cap growth equities portfolio, leaving it with $452 million, according to a motion approved Friday by the $29.7 billion pension fund's board.
Some of the assets will be moved to existing managers Channing Capital Management for small-cap value equity and Vision Capital Management for large-cap growth. Each will receive $75 million. Both are in the fund's minority-, women- and disabled-owned managers program; Channing ran $66 million as of June 30 and Vision, $63 million.
The remaining $50 million will go to cash, said Dhvani Shah, chief investment officer.
Separately, the Illinois Municipal board approved moving $950 million to BlackRock’s U.S. debt index fund from its core bond enhanced index fund. The move was made to lower fees.
Commitments to private equity fund Vista Capital Opportunities I and real estate fund CBRE U.S. Core Partners also were approved. Vista Equity Partners will get up to $50 million; CBRE Group, up to $125 million. The fund previously committed $15 million to Vista Foundation Fund II and $30 million to CBRE Strategic Value Partners U.S. 6.
Funding for the commitments came from domestic equities, Ms. Shah said. No managers were terminated.
Also at the meeting, consultant Callan Associates said the pension fund’s asset-liability study would be presented at the board’s November meeting.
