Monday, 28 July 2014
Last updated 7 hours ago
Jun 28 2012 | 3:26am ET
The Illinois Municipal Retirement Fund is looking for a private equity fund to run about 0.1% of its $25.5 billion portfolio.
The public pension fund, based in Oak Brook, Ill., will issue a request for proposals next month, seeking a middle-market buyout fund manager owned by minorities, women or persons with a disability. A hire for the $25 million mandate is expected in the fall, Pensions & Investments reports.
IMRF has also fired two of its funds of hedge funds, moving their assets to a separate account managed by Aurora Investment Management. The two unlucky firms are Grosvenor Capital Management and Mesirow Financial, whose exits leave Aurora with more than $250 million in IMRF's assets, up from $139 million. And the pension plans to double that total, giving Aurora a total of $500 million.
"Consolidation will increase allocation to IMFR's strongest performing hedge fund manager and reduce investment fees and expenses," spokesman John Krupa told P&I. "The hedge fund portfolio will continue to be sufficiently diversified at the sub-strategy and underlying hedge fund manager level."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…