Illinois Municipal Retirement Fund continues to show its support to minority-and-women-owned businesses with its latest round of investments to the private equity space.
The system pledged up to $200 million to three private equity funds at its November meeting, according to its website.
Illinois committed $75 million to Clearlake Capital Group’s Partners VI fund, targeting $5 billion on a $7 billion hard cap, Buyouts exclusively reported. The company focuses on the energy, software, tech-enabled, industrials and consumer industries.
Clearlake’s previous pool, Fund V, closed with more than $3.6 billion in 2018. Fund VI could close with more than $5 billion in December, sources told Buyouts last month.
The system committed $75 million to Valor Equity Partners’ fifth fund. Illinois Municipal previously invested up to $75 million to Valor Equity Partners IV in 2017.
IMRF also committed $50 million to Vista Equity Partners’ latest middle-market fund, Vista Foundation IV. The fund is targeting $3.25 billion and has no hard cap. Sources previously told Buyouts that Fund IV could fundraise up to $4.5 billion.
Founded by billionaire Robert Smith, Vista Equity has a small-cap Endeavor fund and a mega Fund VII, which closed on $16 billion in September.
Illinois Municipal invested over $724 million to previous funds from Calor, Vista and Clearlake.
Last year, Illinois Municipal increased its allocation goal for minority-managers from 10 percent to 15 percent.
Illinois Municipal did not respond to requests for comment.
About 24.2 percent of Illinois Municipal’s total portfolio is managed by minority-and women-owned businesses, its website showed. Year to date, the system has invested up to $610 million to MWBE, including those in its real estate asset class.
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