In brief: IMRF selects four minority-led managers

Following a request for proposal in April, the pension has made four commitments totalling $135m to minority-owned firms.

The Illinois Municipal Retirement Fund, a $48.4 billion US pension fund, has made four commitments to minority-owned or -led firms, it has said. Following a call in April for “US-based minority-owned, women-owned or persons with disabilities-owned business enterprise (MWDBE)” in the private fund space, the pension has made commitments totalling $135 million to minority-owned firms. These comprise:

  • $50 million to the third fund from healthcare growth equity firm Chicago Pacific Founders, which IMRF desginates as a woman-owned firm. Chicago Pacific Founders Fund III has a target size of $700 million, according to an SEC filing.
  • A total of $20 million to Agent Capital’s second fund. Agent Capital is an Asian woman-owned healthcare-focused venture capital firm and is targeting $100 million for Agent Capital Fund II, according to an SEC filing.
  • A total of $15 million to Red Arts Capital’s first fund. Red Arts capital is led by two African American co-founders and focuses on North American-based supply chain and industrial businesses, its website says. Red Arts Capital Opportunity Fund I has a fundraising target of $225 million, according to an SEC filing.
  • A total of $50 million to the seventh fund from Long Wharf Real Estate Partners, a Latino-owned private equity real estate firm.

This story has been updated to include the commitment to Chicago Pacific Founders Fund III.