Illinois Municipal Retirement Fund, Oak Brook, made new private equity and real estate commitments totaling up to about $236 million.
The $43.8 billion pension fund's board approved venture capital commitments of $100 million in aggregate to Lightspeed Venture Partners XIII and Lightspeed Venture Partners Select IV and up to $25 million to Lightspeed SPV OB, all managed by Lightspeed Venture Partners, a news release said.
IMRF previously committed $100 million to Lightspeed Global Opportunity Fund in March.
As of Oct. 31, the actual allocation to alternative investments was 5.4%; the target is 7%.
The pension fund also committed up to €100 million ($111 million) to Ares European Property Enhancement Partners III, a real estate fund managed by Ares Management.The pension fund previously committed €100 million to Ares European Property Enhancement Partners II in 2015.
As of Oct. 31, the actual allocation to real estate was 6.7%; the target is 9%.
Separately, the pension fund's board on Dec. 20 approved the creation of a new internally managed domestic equity portfolio of up to $1 billion, benchmarked to a Scientific Beta U.S. value factor index.
Funding comes from the termination of a $1.1 billion active domestic large-cap value equity portfolio managed by BMO Global Asset Management. IMRF spokesman John Krupa said in an email that the termination was due to performance as well as an opportunity to save on fees.
BMO spokeswoman Orli Giroux Namian could not be immediately reached for comment.
As of Oct. 31, the actual allocation to domestic equities was 39.3%; the target is 37%.