IMRF on the lookout for private debt manager

The US public pension is seeking a fund manager to manage a mandate worth at least $25 million.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, United States
AUM: $42.41bn
Allocation to alternatives: 13.01%
Bitesize: $50-100m

Illinois Municipal Retirement Fund is searching for opportunistic and distressed private credit fund managers to manage a mandate worth at least $25 million, according to an RFP on the pension’s website.

Prospective managers must be in the process of fundraising for a vehicle targeting either global, North American or European investments.

The $42.41 billion US public pension has a 0.30 percent current allocation to private debt.

As illustrated below, IMRF’s five previous private debt commitments have targeted vehicles with a variety of investment strategies. Three of the commitments have been to funds focused on debt issuance, with two of these being subordinated in nature and one being senior. The two other vehicles receiving commitments have been debt acquisition vehicles; with one of each pursuing distressed and senior debt.

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