Illinois Municipal Retirement Fund, Oak Brook, committed a total of up to $124 million to two non-U.S. private equity managers.
The board of the $34.2 billion pension fund at its Aug. 22 meeting approved two commitments to funds managed by Inflexion Private Equity — up to £33 million ($55 million) to Inflexion Buyout Fund IV and up to £22 million to Inflexion Partnership Capital Fund I; both target U.K. middle-market investments. The pension fund's board also committed up to €25 million ($33 million) to Doughty Hanson VI, which invests in Western European middle-market buyouts and is managed by Doughty Hanson & Co..
The investments are part of the pension fund's effort to reach its 9% target allocation to alternatives — private equity, absolute return, agriculture and timberland — said Megha Kauffman, IMRF spokeswoman. Its actual allocation as of Aug. 22 was 5.7%.
Separately, the board added $150 million to an emerging markets equity fund managed by Genesis Investment Management, increasing its total allocation to $697 million.