Illinois Municipal replaces agriculture separate account manager
The $33.6 billion Illinois Municipal Retirement Fund recently terminated its $145 million separate account with Cozad/Westchester Agricultural Management to invest in row and permanent crops, replacing the manager with Hancock Natural Resources Group, which received an additional $100 million on top of the previous allocation and is expected to carry out the same investment strategy.
“The termination of Cozad/Westchester was not due to performance,” explains John Krupa, communications manager with IMRF. “Westchester was acquired by TIAA-CREFF, which has first rights to all new acquisitions. IMRF felt this would make it difficult to grow the mandate into the future.”
Krupa adds that IMRF values HNRG’s fully integrated approach to perm