Illinois Municipal Retirement Fund, Oak Brook, committed up to $30 million to Harpoon Venture Fund III.
The $48.3 billion pension fund's board approved the commitment to the venture capital fund at its meeting Dec. 18, according to a news release.
IMRF had committed up to $7.5 million to Harpoon Ventures Fund II in May.
Separately, the board approved slight changes in its target allocations as the result of an asset allocation review.
The targets to domestic equities, real estate and alternative investments were increased to 39%, 10% and 10%, respectively, up from their previous respective targets of 37%, 9% and 7%. Fixed income and international equities were reduced to 25% and 15%, respectively, from a respective 28% and 18%. The 1% target to cash remains unchanged.
As of Oct. 31, the actual allocation was 41.5% domestic equities; 27% fixed income; 18% international equities; 6.6% each alternative investments and real estate; and 0.3% cash.
IMRF spokesman John Krupa said no new searches or manager changes have been scheduled as a result of the target adjustments.