Illinois Municipal Retirement Fund, Oak Brook, approved new private equity and real assets commitments totaling up to $259 million, spokeswoman Maureen O'Brochta said in an email.
Within private equity, the $50.4 billion pension fund's board at its March 31 meeting approved commitments of up to $75 million in aggregate to three venture capital funds managed by Khosla Ventures: Khosla Ventures VIII, Khosla Ventures Seed F, and Khosla Ventures Opportunity II.
The board also approved commitments of up to £60 million ($74 million) to Inflexion Partnership Capital Fund III, a middle-market buyout fund managed by Inflexion Private Equity Partners; and up to $60 million in aggregate to Mayfield XVII and Mayfield Select III, both venture capital funds managed by Mayfield Fund.
All are existing managers for the pension fund. IMRF has previously made £577 million in aggregate commitments to prior Inflexion funds, $76 million to prior Mayfield funds, and $16 million to prior Khosla funds.
As of Dec. 31, the actual allocation to alternative investments was 10.6%; the target is 9.5%.
In real assets, the board approved a commitment of up to $50 million to AEW Partners Real Estate Fund X, an opportunistic real estate fund managed by AEW Capital Management. IMRF previously committed up to $50 million to AEW Partners Real Estate Fund IX in 2020.
As of Dec. 31, the actual allocation to private real assets was 10%; the target is 10.5%.
