The $42.3 billion Illinois Municipal Retirement Fund (IMRF) has earmarked a commitment of up to $25 million to EnCap Energy Transition Fund I, managed by EnCap Investments, a U.S. private equity firm specializing in the oil and gas industry.
IMRF is an existing investor in Encap’s private equity funds through multiple direct and indirect commitments totaling $100.8 million, according to a July 30 investment report from IMRF.
The investment is subject to satisfactory legal due diligence.
As of March 31, IMRF had a 6.8 percent allocation to alternative investments against a 7 percent target. The portfolio was valued at $2.6 billion.