Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, US
AUM: $44.47 billion
Allocation to alternatives: 13.19 percent
Illinois Municipal Retirement Fund has increased its target allocation to real estate from 9 percent to 10 percent as of 1 January 2021, a contact at the pension informed PERE.
IMRF’s real estate portfolio comprises 40 percent core investments, 30 percent value-add and 30 percent opportunistic. The pension’s investment consultant Wilshire Associates, however, has advised a 70 percent core, 15 percent value-add and 15 percent opportunistic breakdown in its 2021 asset allocation study for IMRF.
IMRF’s target allocations to its international equity and fixed income asset classes will decrease as a result of the pension increasing its exposure to real estate and other alternatives.
The $44.47 billion US public pension had a 6.62 allocation to real estate of 31 October 2020, the most recently released data.
IMRF’s recent real estate commitments have tended to target predominantly either global or North America-focused vehicles pursuing value-add or opportunistic returns.
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