Illinois Pension Seeks P.E. Manager, Cans Two Funds Of Funds

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."

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