Illinois Firefighters' Pension Investment Fund, Lombard, hired Meketa Investment Group as a non-discretionary private markets investment consultant.
The $7.2 billion investment fund's board approved the hiring at its meeting on Friday.
IFPIF issued an RFP in February for its first private markets consultant to help the fund build out its total 31% target allocation to private markets spread among four asset classes.
The asset classes' individual targets allocations are 10% each private equity and real estate, 7% private debt and 4% infrastructure.
The other finalists were Aksia and NEPC.
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 last June. During the transition, the majority of the fund's investments have been held in passive vehicles.
IFPIF issued its first RFP for active managers last July, and in December hired Brown Brothers Harriman and Garcia Hamilton & Associates to manage about $800 million each in active domestic fixed-income portfolios.