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May 20, 2016 01:00 AM

Illinois Municipal targets $153 million for real estate, private equity

Rick Baert
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    Illinois Municipal Retirement Fund, Oak Brook, on Friday committed a combined $100 million to two real estate funds and a total of up to $53 million to three private equity funds.

    The board of the $34.3 billion pension fund committed up to $75 million to Starwood Global Opportunities Fund XI, a value-added fund managed by Starwood Capital Group focusing on U.S. and European properties.

    Starwood already manages a total of $70 million in two other value-added funds for IMRF.

    The pension fund also committed an additional $25 million to Artemis Real Estate Partners Healthcare Fund I, a core fund investing in U.S. health-care equity and debt. The added money brings the total commitment to $50 million.

    In private equity, IMRF committed £15 million ($21.5 million) to the Inflexion Enterprise Fund IV and £17 million to the Inflexion Supplemental Fund IV. The two U.K. buyout funds are managed by Inflexion Private Equity Partners.

    IMRF already has committed a total of $50 million to two other Inflexion funds.

    Also, up to $8 million was committed to ABRY Heritage Fund, a private equity fund managed by ABRY Partners that invests in information technology.

    The pension fund has a total of $80 million committed to 10 other ABRY funds, either directly or through its private equity fund-of-funds manager, Abbott Capital Management.

    IMRF has 5.2% of assets in real estate and 4.7% in alternatives, both as of March 31.

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