Illinois Municipal Retirement Fund, Oak Brook, approved a total of up to $315 million in private equity and real estate commitments at its May 26 board meeting, spokeswoman Maureen O'Brochta said in an email.
In private equity, the $49.9 billion pension fund's board approved commitments of up to $75 million to Vistria Fund V, a middle-market buyout fund managed by Vistria Group; up to $50 million each to H.I.G. Bayside Loan Opportunity Fund VIII, a distressed debt fund managed by H.I.G. Capital, and KKR Ascendant, a buyout fund managed by KKR & Co.; and up to $30 million to venture capital fund Lightbank III.
IMRF previously committed up to $75 million to Vistria Fund IV and up to $50 million to KKR North America Fund XIII, both in 2021, and up to $25 million to H.I.G. Bayside Loan Opportunity Fund VI in 2020. Lightbank is a new manager for the pension fund.
As of April 30, the pension fund's actual allocation to alternative investments was 10.5%; the target is 11.5%.
In real estate, the board approved commitments of up to $75 million to opportunistic real estate fund Crow Holdings Realty Partners X, and up to $35 million to EnCap Energy Capital Fund XII, a U.S. oil and gas fund managed by EnCap Investments.
IMRF previously committed up to $100 million to Crow Holdings Realty Partners Fund IX in 2020, and up to $35 million to EnCap Energy Capital Fund XI in 2016
As of April 30, the pension fund's actual allocation to private real assets was 9.6%; the target is 10.5%.