Illinois Municipal Retirement Fund, Oak Brook, approved three new commitments totaling up to $82.5 million.
In real estate, the $38.5 billion pension fund's board approved the investment committee's recommendations to commit up to $50 million to AEW Partners Real Estate Fund IX, a value-added real estate fund managed by AEW Capital Management, according to live audio of the meeting Friday.
As of March 31, IMRF's actual allocation to real estate was 7.7%; the target is 9%.
In private equity, the pension fund's board approved commitments of up to $25 million to Lightspeed India Partners III, a venture capital fund managed by Lightspeed Venture Partners targeting India-based technology firms, and up to $7.5 million to venture capital fund Harpoon Ventures Fund II.
As of March 31, IMRF's actual allocation to alternative investments was 6.8%; the target is 7%.
Separately, the board approved the creation of a new internally managed $1 billion large-cap factor diversity portfolio benchmarked to a domestic large-cap beta FDP portfolio managed by Goldman Sachs Asset Management, pending the signing of GSAM to deliver a model portfolio. Funding will come from existing public equity portfolios to be determined.
