IMRF consolidate partnership with Oak Street

The US public pension has backed Oak Street's latest fund and outlines future private markets allocations.

Name: Illinois Municipal Retirement Fund
HQ: Oak Brook, US
AUM: $47.3 billion
Allocation to Real Assets: 10.5%

Illinois Municipal Retirement Fund has committed $100 million to Oak Street‘s latest real estate vehicle, Oak Street Real Estate Capital Fund VI, according to a recent press release from the pension fund.

The fund, which launched in October 2022, will invest into a variety of sectors in North America and will be seeking value-add returns. IMRF has previously committed to the Oak Street Real Estate fund series, investing $75 million to Fund V.

At the December Investment Committee meeting, the pension fund also announced its long-term asset allocation policy. By the end of a three year period, the pension fund is set to increase its alternative investments portfolio from 10.9 percent to 14 percent, keeping its allocation to Private Real Assets at 10.5 percent.

IMRF’s real estate portfolio is housed within its 10.5 percent real assets portfolio. As of October 2022, it is valued at almost $5 billion. As illustrated below, the pension’s recent real estate commitments have focused on North America and Western Europe vehicles with value-add and debt returns.

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