Firms & Funds

Illinois MRF kicks off search for investment consultant, commits to Clearlake, Versant

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Illinois Municipal Retirement Fund, pension fund, private equity
A combine drives over stalks of soft red winter wheat during the harvest on a farm in Dixon, Illinois, in this July 16, 2013 file photo. REUTERS/Jim Young
  • AUM: $38.4 bln
  • PE allocation: 3.9 pct
  • Why this is important: Pension wants consultants with experience working with diverse firms
  • Contact: Nisa D. Neely, senior communications specialist, NNeely@imrf.org

Illinois Municipal Retirement Fund is searching for a general investing consultant to focus on its major asset classes.

The fund disclosed the search at its February meeting, during which the pension board also said it committed $105 million to private equity funds.

Candidates for the consulting contract have until March 26, 2019, to submit proposals.

Preferred candidates should have experience consulting with businesses owned by minorities, women and persons with disabilities, as they are defined under Illinois law, IMRF’s request for proposal says.

The RFP also asks whether firms have worked with PE separate accounts, of which the fund has three.

The system’s actual allocation to PE was 3.9 percent as of Dec. 31, 2018.

Meanwhile, Illinois Municipal committed $75 million to Clearlake Capital’s Opportunity Partners II, which focuses on distressed equity as well as opportunistic investments for North American middle markets. It’s targeting $800 million.

The system committed $30 million to Versant Opportunity Fund I, targeting $100 million. Versant Ventures focuses on healthcare investments.