Firms & Funds

Illinois MRF pledges $256 mln to IK, HarbourVest

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Illinois Municipal Retirement Sund, Illinois MRF, private equity, pension fund
Oracle Team USA on Oct. 6, 2016, sails in front of the Chicago skyline during a practice session for the America's Cup World Series sailing event. Reuters/Jim Young
  • AUM: $42.7 bln
  • PE Allocation: 3.9 pct
  • Whom to contact: Dhvani Shah, chief investment officer: dshah@imrf.org

Illinois Municipal Retirement Fund at its May meeting disclosed $256 million in PE commitments.

The board pledged €50 million ($56 million) to IK Investment Partners’ ninth fund. IK Investment Partners focuses on northern European buyouts and invests as much as €150 million into companies, Buyouts reported. IMRF previously committed €6.1 million to IK.

The system committed $200 million to HarbourVest Partners’ 2019 Global Fund, which focuses on funds in North America, Europe, Latin America, Asia, the Middle East and Africa.

The pledge revised a deal made last year. In 2018, Illinois recommended an evergreen separate account with HarbourVest, with a commitment up to $200 million. The system’s strategic plan allowed for additional annual commitments to be made, the Illinois MRF website shows.

IMRF’s PE allocation sat at 3.9 percent as of Dec. 31, 2018.