Illinois Municipal Retirement Fund, Oak Brook, made four new private equity and real estate commitments of up to $275 million to minority- and women-owned firms.
The $43.3 billion pension fund's board approved private equity commitments of up to $75 million each to Clearlake Capital Partners VI, a private equity fund and Valor Equity Partners V, a growth-focused private equity fund, and up to $50 million to Vista Foundation Fund IV, a small-cap buyout fund managed by Vista Equity Partners, at its Nov. 22 meeting, spokesman John Krupa said in an email.
The board also approved a commitment of up to $75 million to core real estate fund Oak Street Real Estate Capital Fund V.
The commitments bring the pension fund's portfolio of investments managed by MWBE firms to about $10.5 billion, or 24.2% of the total fund, a news release from the pension fund said.
The pension fund previously committed up to $100 million to Oak Street Seeding and Strategic Capital Fund II in 2018, up to $75 million to Clearlake Opportunities Partners II in February; up to $50 million to Valor M33 II, a growth equity co-investment vehicle to Valor Equity Partners funds III and IV, in 2018; and $50 million to Vista Credit Partners Fund III in March.
As of June 30, the actual allocations to real estate and alternative investments were 6.5% and 5.1%, respectively; the respective targets are 9% and 7%.
