Illinois Firefighters' Pension Investment Fund, Lombard, hired Adams Street Partners as its private equity OCIO, Macquarie Investment Management and William Blair Investment Management to run $120 million each in active emerging markets debt, and committed $200 million to Pomona Capital XI, a secondary private equity fund.
The $7.7 billion investment fund's board approved the actions at its Feb. 2 meeting, said William Atwood, executive director and chief investment officer.
The actions were the result of IFPIF's ongoing efforts to build out its asset allocation following the completion of the transition of the assets of 296 separate Illinois municipal firefighters' pension funds in June 2022.
During the transition, the majority of the fund's investments have been held in passive vehicles.
Atwood said the board has allocated 6% of the FPIF portfolio to Adams Street Partners to be deployed over the next three years.
The investment fund has a long-term target of 10% to private equity.
The hirings of Macquarie and William Blair were the result of the investment fund's issuance of an RFP in November. IFPIF's emerging markets debt managers will fall within its 3% target to credit fixed income. Funding will come from State Street Global Advisors' passive emerging markets debt portfolio.
General investment consultant Marquette Associates assisted with the emerging markets debt search.
The commitment to Pomona Capital was the result of the investment fund's issuance of an RFP in October for a secondary private equity fund.
Private markets consultant Meketa Investment Group assisted with that search.
