Investors - MAY 25, 2017

Illinois Municipal commits $650m to infrastructure

by Jody Barhanovich

The $36.7 billion Illinois Municipal Retirement Fund has committed a total of $650 million to four infrastructure funds. The commitments are subject to satisfactory legal due diligence.

IMRF has committed up to $100 million each to Oaktree Transportation and Energy Infrastructure Fund and Partners Group Direct Infrastructure, both unlisted infrastructure funds.

Oaktree Transportation and Energy Infrastructure Fund invests mostly in waste management, airports, power plants, marine terminals and energy-related infrastructure in the United States.

Partners Group Direct Infrastructure, managed by Partners Group, has a global strategy, targeting existing assets with the potential for improvement, growth or the building of investment platforms.

In addition, IMRF committed up to $300 million to a Cohen & Steers fund and $150 million to a Brookfield managed fund, both focused on publicly listed infrastructure.

The commitments were made in order for IMRF to reach its new 2 percent target suballocation to public real assets as part of its 38 percent U.S. equity allocation, which was established last year after carrying out an asset-liability study. The commitments were also the result of IMRF’s request for proposals for publicly listed infrastructure equity and/or debt and unlisted infrastructure equity and/or debt, which was launched in February.

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