Illinois Firefighters’ Pension Investment Fund, Lombard, hired Rock Creek Group as private credit OCIO and Townsend Group as real estate OCIO.
The $8.4 billion investment fund’s board approved the hirings at its May 10 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.
The investment fund originally issued an RFP in February 2023 for a private markets consultant and three OCIOs to oversee portions of the overall 31% private markets portfolio.
IFPIF hired Meketa Investment Group as private markets consultant in May 2023 and Adams Street Partners as private equity OCIO in February.
IFPIF has an overall target of 31% to private markets: 10% each to private equity and real estate, 7% to private credit and 4% to infrastructure. Meketa will provide recommendations to the board for half the private equity and real estate portfolios and the entire infrastructure portfolio. Adams Street will provide discretionary services for half the private equity portfolio.
For private credit, Rock Creek Group will provide discretionary services for the entire portfolio. Atwood said in a May 13 interview that staff thought an OCIO overseeing the entire private credit portfolio would add more value.
Townsend Group will handle the noncore real estate portion (50%) of the overall real estate portfolio, said Atwood.
