Illinois Municipal Retirement Fund, Oakbrook, hired Hancock Natural Resource Group to manage up to $245 million in agriculture, subject to satisfactory legal diligence, spokesman John Krupa wrote in an e-mail.
Hancock replaces Cozad/Westchester Agricultural Asset Management Partnership, which was terminated, Mr. Krupa wrote. Cozad/Westchester ran $145 million. Hancock will receive the $145 million from Cozad/Westchester and up to an additional $100 million for new acquisitions. Funding will come from public equities.
Mr. Krupa could not provide further details.
Separately, the $33.6 billion pension fund committed up to $35 million to private equity fund ABRY Partners VIII, subject to satisfactory legal diligence.
The pension fund previously committed $35 million to ABRY Advanced Securities Fund II, $20 million to ABRY Senior Equity IV and another $22 million to various ABRY funds through separate account managers, Mr. Krupa wrote.
The Hancock hire and new ABRY commitment will help bring the pension fund's actual allocation to alternatives closer to its 9%. target.