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IMRF confirms $50m commitment

The US public pension backed Clearlake’s third private debt vehicle.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, US
AUM: $56.8 billion
Allocation to alternatives: 12.8 percent

Illinois Municipal Retirement Fund has approved a $50 million commitment to Clearlake Capital Group‘s third opportunities fund, according to a press release from the pension.

The pension committed $50 million to Clearlake Opportunities Partners III. This follows prior investment into the predecessor funds, with the pension committing $75 million to Fund II.

In a press release following the pension’s February investment committee meeting, the pension announced that it will increase its target for investing into minority investment managers into the private equity market moving forward. This will increase to 25 percent by 1 March 2022 from a previous target of 22 percent.

The $56.8 billion US public pension’s recent private equity commitments have tended to target North American venture/growth equity vehicles.

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