Illinois Municipal Retirement Fund, Oak Brook, approved new commitments totaling up to $340 million.
Within its alternatives asset class, the $54.9 billion pension fund committed a total of up to $100 million to four venture capital funds managed by Lightspeed Venture Partners: Lightspeed Venture Partners XV-A (Inception), Lightspeed Venture Partners XV-B (Ignite), Lightspeed Venture Partners Select VI and Lightspeed Opportunity Fund III.
IMRF will determine exact commitment amounts to each Lightspeed fund at a future date. The pension fund has made multiple commitments to prior Lightspeed funds, including up to $100 million to Lightspeed Opportunity Fund II, up to $60 million to Lightspeed Venture Partners Select V and up to $40 million to Lightspeed Venture Partners XIV, all in 2021.
Also, the pension fund committed up to $100 million to Strategic Value Special Situations Fund VI, a distressed debt fund managed by Strategic Value Partners. IMRF previously committed up to $75 million to Strategic Value Capital Solutions Fund II in 2023.
Finally in alternatives, the pension fund also committed a total of up to $40 million to Base10 Seed & Series A and Base10 Series B II, both venture capital funds managed by Base10 Partners. They are the first direct commitments for the pension fund to Base10 Partners. Two previous commitments have been made through emerging manager of managers Pantheon Ventures.
As of Dec. 31, IMRF’s actual allocation to alternative investments was 12.1%; the target is 12.5%.
Within its private real assets asset class, the pension fund committed up to $50 million to Pretium Affordable Single-Family Rental Fund VII, a value-added real estate fund managed by Pretium Partners, and up to $25 million each to value-added real estate fund Mesirow Financial Real Estate Value Fund V and S2 Real Estate Fund II, an opportunistic real estate fund managed by S2 Capital.
The three real estate commitments were the result of an RFP issued in October for closed-end value-added and opportunistic residential real estate funds.
As of Dec. 31, IMRF’s actual allocation to private real assets was 9.6%; the target is 10.5%.
