Illinois Municipal Retirement Fund, Oak Brook, approved private equity and private real assets commitments totaling up to $440 million.
The $48.9 billion pension fund's board approved the commitments at its Nov. 17 meeting, said spokeswoman Maureen O'Brochta.
Within private real assets, IMRF committed up to $150 million to Barings Real Estate Debt Income Fund, an open-end real estate debt fund; up to $75 million to Partners Group Direct Infrastructure Fund IV; and up to $25 million to JLC Infrastructure Fund II, a core-plus and value-added middle-market infrastructure fund managed by a joint venture between Magic Johnson Enterprises and investment bank Loop Capital Partners.
IMRF previously committed up to $100 million to infrastructure fund Partners Group Direct Infrastructure 2020 in 2021 and up to $25 million to JLC Infrastructure Fund I in 2017. IMRF has aggregate commitments totaling $75 million to Barings real estate through a separately managed account.
As of Sept. 30, the pension fund's actual allocation to private real assets was 10%; the target is 10.5%.
Within private equity, IMRF committed up to $60 million to growth equity fund Insight Partners Fund XIII; up to $50 million each to ABRY Partners X and middle-market buyout fund SK Capital Partners VI; and up to $30 million to health-care-focused venture capital fund Agent Capital Fund III.
IMRF previously committed up to $50 million to Insight Venture Partners XII in 2021, $40 million to ABRY Secured Credit Opportunity Fund in 2022, and $20 million to Agent Capital Fund II, also in 2022.
As of Sept. 30, the pension fund's actual allocation to alternative investments was 11.3%; the target is 11.5%.