The Illinois Municipal Retirement Fund (IMRF) is one of the largest public pension systems in the United States, providing retirement, disability, and death benefits to employees of local governments, school districts, and special districts across Illinois. IMRF serves over 3,000 participating employers and manages assets on behalf of approximately 430,000 members.
Investment Strategy
IMRF maintains a broadly diversified investment portfolio designed to meet its long-term return objectives. The asset allocation includes domestic and international equities, fixed income, private equity, real estate, infrastructure, and other alternatives. The Board of Trustees sets strategic allocation targets based on actuarial studies and capital market assumptions.
The fund’s alternatives program has been built over many years and includes a mature private equity portfolio with exposure to buyout, growth, and venture strategies. Real estate investments span core, value-add, and opportunistic profiles across major property sectors. Infrastructure investments target essential assets with stable, inflation-linked cash flows.
IMRF benefits from its large asset base, which enables access to top-tier managers and allows for meaningful diversification across vintage years, strategies, and geographies. The internal investment team works closely with external consultants to construct and manage the alternatives portfolio.
How to Approach
GPs should contact IMRF’s investment staff directly or through the fund’s investment consultants. IMRF evaluates managers on performance track record, team stability, investment process rigor, and alignment of interests. The fund values long-term relationships and typically re-ups with managers who meet or exceed expectations. Initial outreach should include a fund summary, audited track record, and a clear articulation of the strategy’s competitive edge.
Frequently Asked Questions
How large is IMRF's alternatives program?
IMRF allocates approximately 17% of its total portfolio to alternative investments, including private equity, real estate, and infrastructure. With over $53 billion in total assets, the alternatives program represents roughly $9 billion in committed capital, making IMRF a significant allocator in the institutional landscape.
What types of private equity does IMRF invest in?
IMRF's private equity portfolio includes buyout, growth equity, and venture capital strategies across domestic and international markets. The fund invests through commingled funds and selectively pursues co-investment opportunities. Typical commitment sizes range from $50 million to $150 million per fund.
How can GPs approach IMRF?
GPs should contact IMRF's investment department in Oak Brook, Illinois. The fund has an experienced internal investment team that evaluates new managers through a structured due diligence process. IMRF also works with investment consultants who help identify and screen potential managers. Meetings at industry conferences are another effective way to initiate dialogue.
