IMRF confirms $25m commitment

The US public pension has backed a special situations fund.

Institution: Illinois Municipal Retirement System
Headquarters: Oak Brook, US
AUM: $43.11 billion
Allocation to alternatives: 13.79%

Illinois Municipal Retirement System has approved a $25 million commitment to H.I.G. Bayside Loan Opportunity Fund VI, according to minutes from the pension’s July 2020 board meeting.

The vehicle launched in March 2020 and is targeting $1.25 billion in equity capital. The fund’s manager is Bayside Capital, the private credit arm of H.I.G. Capital.

This commitment from IMRF marks the culmination of the pension’s private debt manager RFP, which was issued in May 2020 and resulted in Bayside winning the mandate on offer.

The $43.11 billion US public pension has a 0.3 percent allocation to private debt.

As illustrated below, IMRF tends to favour North American corporate debt funds targeting a variety of credit strategies.

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