Illinois Municipal Retirement Fund, Oak Brook, made up to $257 million in new private equity and real estate commitments.
In private equity, the $56.6 billion pension fund's board at its meeting Friday approved commitments of up to $100 million to Lightspeed Opportunity Fund II, up to $60 million to Lightspeed Venture Partners Select Fund V and up to $40 million to Lightspeed Venture Partners XIV, spokesman John Krupa said in an email. All are venture capital funds managed by Lightspeed Venture Partners.
IMRF has made commitments to Lightspeed, most recently committing up to $20 million to LSVP SCF1 in March, up to $25 million to LSVP TIPL-D SPV in November 2020 and up to $25 million to Lightspeed India Partners III in May 2020.
As of Sept. 30, the pension fund's actual allocation to alternative investments was 8.4%; the target is 10%.
In real estate, IMRF's board approved a commitment of up to €50 million ($57 million) to Ares European Real Estate Fund VI, a fund that invests in European residential, retail, office and industrial real estate, managed by Ares Management.
The pension fund previously committed up to €100 million to Ares European Real Estate Fund V in 2017.
As of Sept. 30, the pension fund's actual allocation to real estate was 6.6%; the target is 10%.
Also at the meeting Friday, the pension fund's board approved increasing the minority money-manager goal within the domestic equities asset class to 10% from 5%.
For IMRF's total portfolio, $12.8 billion, or 22.6%, is currently managed by minority- and women-owned money managers. A specific amount in domestic equities was not available.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 43.4%; the target is 39%.