Illinois Municipal Retirement Fund, Oak Brook, hired Callan as investment consultant for its second stint with the pension fund and approved two new private equity commitments totaling up to $80 million.
The $54 billion pension fund’s board approved the actions at its Aug. 30 meeting, spokesman John Krupa said.
IMRF issued an RFP in April due to the upcoming expiration of current consultant Wilshire Advisors’ contract at the end of 2024. That firm was originally hired in 2019 to replace Callan following the pension fund’s last RFP process for the services.
Wilshire was invited to rebid for this process, but Krupa did not say whether the firm did so. Finalist information was not provided.
Also at the Aug. 30 meeting, the board approved commitments of up to $50 million to growth equity fund Summit Partners Growth Equity Fund XII and up to $30 million to venture capital fund Vensana Capital III.
As of Dec. 31, the pension fund’s actual allocation to alternative investments was 10.6%; the target is 11.5%.
