Illinois Municipal Retirement Fund, Oak Brook, approved a total of about $450 million in commitments to six alternatives funds.
The board of the $40.7 billion pension fund on March 22 committed up to £150 million ($199 million) to Inflexion Strategic Partners, and up to £70 million total to Inflexion Enterprise Fund V and Inflexion Supplemental Fund V, all U.K.-focused middle-market buyout funds managed by Inflexion Private Equity Partners; and $100 million to Lightspeed Global Opportunity Fund, a venture capital fund managed by Lightspeed Venture Partners.
The board also committed $50 million to Vista Credit Partners Fund III, a private credit/special situations fund managed by Vista Equity Partners Management; and $10 million to True North Fund VI, a buyout fund.
IMRF has existing relationships with all of the managers.
Separately, the board also authorized up to $250 million to be managed by the staff in the internal domestic equity portfolio within the pension fund's internal equity management project. This project is expected to have a six-month incubation period. Funding will come from IMRF's domestic equity portfolio.
As of Dec. 31, the fund had a target allocation of 37% domestic equities, 28% fixed income, 18% international equities, 9% real estate, 7% alternatives and 1% cash.