Illinois Firefighters' Pension Investment Fund, Lombard, is looking to commit between $150 million and $250 million to diversified private equity secondaries funds.
The $7.9 billion pension fund is seeking proposals to begin the process of building out its 10% target to private markets, according to an RFP on its website.
The fund is beginning 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.
This is the fund's first RFP for private markets since hiring Meketa Investment Group as its private markets consultant in May.
The fund's other private markets targets are 10% real estate, 7% private debt and 4% infrastructure. Meketa is assisting with the search.
The RFP is available on IFPIF's website. Proposals are due at 3 p.m. CST on Nov. 17. A selection is anticipated by Feb. 2, 2024.