Illinois Municipal Retirement Fund, Oak Brook, approved new private equity and real assets commitments totaling up to $240 million.
The $47.3 billion pension fund's board approved the commitments at its Dec. 16 meeting, spokeswoman Maureen O'Brochta said in an email.
In private real assets, IMRF committed up to $100 million to value-added real estate fund Oak Street Real Estate Capital Fund VI and up to $50 million to EnCap Energy Transition Fund II, a clean-energy fund managed by EnCap Investments.
The pension fund previously committed up to $75 million to Oak Street Real Estate Capital Fund V in 2019 and up to $25 million to EnCap Energy Transition Fund I in 2020.
In private equity, IMRF committed up to $40 million to ABRY Secured Credit Opportunity Fund, a secured credit fund managed by ABRY Partners, and up to $25 million each to buyout funds Accel-KKR Capital Partners VII and Accel-KKR Emerging Buyout Partners II.
The pension fund previously committed up to $25 million to ABRY Heritage Partners in 2021 and has existing investments in Accel-KKR funds through its separate account managers.
Separately, the board at its Dec. 16 meeting approved changes to the long-term target allocation to be phased in over the next three years, which consists of an increase in the target to alternative investments to 14% from 9.5% and reductions in the targets to domestic equities to 32.5% from 35.5% and fixed income to 24% from 25.5%. Targets to international equities, private real assets and cash remain unchanged at 18%, 10.5% and 1%, respectively.
As of Sept. 30, the actual allocation was 35.9% domestic equities, 26.3% fixed income, 16.1% international equities, 10.9% alternative investments, 10.6% private real assets and 0.2% cash equivalents.
