Illinois Municipal Retirement Fund, Oak Brook, approved up to $210 million in new private equity and real estate commitments.
The $48.4 billion pension fund's board approved the commitments at its meeting Friday, spokeswoman Maureen O'Brochta said in an email.
In real estate, the pension fund committed up to $75 million to real estate debt fund Blackstone Real Estate Debt Strategies V and up to $50 million to Long Wharf Real Estate Partners VII, a value-added real estate fund managed by Long Wharf Capital.
IMRF previously committed up to $100 million to Blackstone Real Estate Debt Strategies IV and up to $35 million to Long Wharf Real Estate Partners VI, both in 2019.
As of June 30, the pension fund's actual allocation to real estate was 7.7%.
In private equity, the pension fund committed up to $50 million to buyout fund Chicago Pacific Founders Fund III.
IMRF had issued an RFP in April for a minority-owned, women-owned or person with a disability-owned U.S. private equity manager. The pension fund sought managers to complement existing private equity managers because it wants to ensure diverse managers have the opportunity to do business with the fund, a spokesman said at the time.
Chicago Pacific Founders is defined as a women-owned firm under the Illinois Pension Code.
Also in private equity, IMRF committed up to $20 million to health-care-focused venture capital fund Agent Capital Fund II and $15 million to buyout fund Red Arts Capital Opportunity Fund I.
IMRF had previously made commitments to Chicago Pacific Founders funds through separately managed accounts. Agent Capital and Red Arts Capital are new managers for the pension fund.
As of June 30, the pension fund's actual allocation to private equity was 8.8%.
