Illinois Firefighters’ Pension Investment Fund, Lombard, has launched open-ended searches for private equity and infrastructure funds.
The pension investment fund has posted two requests for expressions of interest on its website for managers of large-cap buyout funds and large-cap non-core infrastructure funds.
According to the REIs, IFPIF is looking to commit about $100 million to large-cap buyout funds and $80 million to large-cap non-core infrastructure funds annually. The target allocations to the asset class are 10% and 4%, respectively.
IFPIF recently hired Adams Street Partners as private equity outsourced CIO to provide discretionary services for half of the private equity portfolio, concentrating on smaller deals. Nondiscretionary private markets consultant Meketa Investment Group will assist investment staff and advise the board on the other half of the private equity portfolio and the entire infrastructure portfolio.
The REIs are a continuation 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. The pension investment fund has allocated most of its portfolio to passive public markets portfolios as part of its transition to the permanent asset allocation.
Both the private equity REI and infrastructure REI will remain on the pension investment fund’s website on an ongoing basis.
