Illinois Municipal Retirement Fund, Oak Brook, returned a preliminary net 19.6% for the year ended Dec. 31, according to a performance report posted on the $44.7 billion pension fund's website.
The return exceeds IMRF's overall benchmark of 18.7% for the year. For the three, five and 10 years ended Dec. 31, IMRF returned an annualized net 9.8%, 7.4% and 8.8%, respectively, compared with the respective benchmarks of 9.5%, 7.5% and 8.7%.
For the year ended Dec. 31, 2018, the pension fund returned a net -4.4%.
By asset class, domestic equities led the way with a preliminary net return of 29% (below the 31% benchmark), followed by international equities at a net 23.4% (above the benchmark of 21.5%).
Other asset class net returns, all preliminary, for the year ended Dec. 31 were private equity, returning a net 11.8% (above its 9% benchmark); real estate, 9.8% (4.2%); unlisted infrastructure, 9.7% (9%); fixed income, 9.4% (8.7%); timberland, 1% (4.2%); and agriculture, -5.8% (4.2%).
As of Dec. 31, the actual allocation was 40.2% domestic equities, 28.1% fixed income, 19.3% international equities, 6.6% real estate, 4.4% private equity, 0.5% agriculture, 0.4% cash and equivalents, 0.3% private credit, and 0.2% timberland.
The targets are 37% domestic equities, 28% fixed income, 18% international equities, 9% real estate, 7% alternative investments, and 1% cash and equivalents.
John Krupa, IMRF spokesman, could not be immediately reached to provide further information.
