Searches and Hires

Illinois Municipal seeks private equity manager for separate account

Illinois Municipal Retirement Fund, Oak Brook, is searching for a private equity manager to run a $50 million customized separate account, said a pension fund spokeswoman in an email.

The $41 billion pension fund issued an RFP for a manager to run a separate account with an open-end fund-of-one structure that can make global private equity commitments to primary funds (including minority managers) and "opportunistically invest in secondary funds and co-investments," the RFP said.

Fund types can include buyout funds, growth equity funds, mezzanine and special situation funds and venture capital funds, according to the RFP.

The pension fund's alternative investments allocation was 3.5% as of Dec. 31; the target is 8%.

Abbott Capital Management and Pantheon Ventures currently run $332 million and $230 million, respectively, in customized private equity separate accounts. This is an additional portfolio and will likely be funded from public markets, the spokeswoman said.

The RFP is available on the pension fund's website. Proposals are due Feb. 23. A timeline for a decision was not provided.

Investment consultant Callan is assisting.