Illinois Municipal Retirement Fund, Oak Brook, made three new commitments totaling up to $125 million.
The $38.5 billion pension fund's board at its meeting Thursday, which was held remotely, approved commitments of up to $75 million to Clearlake Flagship Plus Partners, a private equity fund managed by Clearlake Capital Group, and up to $25 million each to EnCap Energy Transition Fund I, a clean-energy fund managed by EnCap Investments, and H.I.G. Bayside Loan Opportunity Fund VI, a distressed debt fund managed by H.I.G. Capital.
The board's approval of the commitment to H.I.G. Capital was the result of an open RFP process. The pension fund issued an RFP in May for an opportunistic and/or distressed private credit manager. Investment consultant Wilshire Associates assisted with that search.
As of March 31, IMRF's actual allocation to alternative investments was 6.8%; the target is 7%.