Illinois Municipal Retirement Fund, Oak Brook, is looking to commit a total of up to $300 million to direct lending, opportunistic and distressed/special situations private credit funds.
The $50.4 billion pension fund has issued an RFP following its board increasing the long-term target allocation to alternative investments to 14% from 9.5%, with the goal of increasing exposure to private credit funds over the next three years, spokeswoman Maureen O'Brochta said in an email.
As of Dec. 31, the actual allocation to alternative investments was 10.6%
The RFP is available on IMRF's website. Proposals are due at 5 p.m. CDT on May 1. Finalist interviews are tentatively scheduled for Aug. 24, with a selection to take place shortly thereafter.
Investment consultant Wilshire Advisors is assisted.