Searches and Hires

Illinois Municipal preps consultant search, commits $253 million

Illinois Municipal Retirement Fund, Oak Brook, will search for an investment consultant next month, the $40.7 billion pension fund announced on its website.

The pension fund will issue an RFP in March due to a requirement by the state of Illinois to put services up for bid every five years. Current consultant Callan will be eligible to rebid.

The search is expected to be completed sometime in August. IMRF's target allocation is 37% domestic equities, 28% fixed income, 18% international equities, 9% real estate, 7% alternative investments and 1% cash.

As of Dec. 31, the actual allocation was 40% domestic equities, 30% fixed income, 19% international equities, 6% real estate and 5% alternative investments.

The pension fund posts RFPs on its website.

Separately, IMRF's board at its Feb. 15 meeting approved private equity commitments of up to $75 million to Clearlake Opportunities Partners II, a special situations/distressed debt fund managed by Clearlake Capital Group, and up to $30 million to Versant Opportunity Fund I, a venture capital fund managed by Versant Venture Management. The pension fund's most recent commitments to the managers were for up to $25 million to Clearlake Capital Partners V in 2017 and up to $40 million in Versant Ventures Fund VII, an early stage biotech strategy, and up to $20 million to Versant Medical Technology Fund I, in August 2018.

In real estate, IMRF's board approved commitments of up to €100 million ($113 million) to Blackstone Real Estate Partners Europe VI, a European opportunistic real estate fund managed by Blackstone Group, and up to $35 million to Long Wharf Real Estate Partners VI, a value-added real estate fund managed by Long Wharf Capital. The pension fund's most recent commitments to the managers were for up to $150 million to Blackstone Real Estate Partners IX in November and up to $30 million to Long Wharf Real Estate Partners V in 2016.