Pensions
Illinois Municipal Retirement Fund Redeems Assets From Equity Manager
Brown Capital Management’s international all-company strategy will shut down following the $100 million redemption.
Reported by Matt Toledo
The board of the Illinois Municipal Retirement Fund authorized the redemption of $100 million in assets from an international equity strategy from asset manager Brown Capital Management LLC, the pension fund announced on May 29.
Brown Capital Management, in a May 26 statement, said it would close its international all-company strategy to focus on its international small-company strategy. The statement read, in part, “This decision will allow our international team members … to dedicate their full focus to the international small company strategy, … where we see a stronger alignment between our exceptional growth company investment approach, our research strengths and our clients’ needs.”
According to the IMRF, that it redeemed the capital from Brown Capital due to concerns about the performance of its international small company strategy and personnel changes at the $2.8 billion manager.
Additionally, the IMRF board approved $430 million in commitments to five managers for infrastructure and alternative investment strategies.
At the fund’s May 29 board of trustees meeting, the IMRF approved up to $125 million in commitments to an infrastructure investment fund from JPMorganChase and up to $125 million to a global infrastructure fund from Macquarie Group Ltd.
Additionally, the fund approved commitments to the following managers:
- Up to $30 million to Left Lane Capital Partners III L.P.;
- Up to $75 million to Manulife Comvest Credit Opportunities Fund II L.P.; and
- Up to $75 million to Turning Rock Fund IV L.P. and a co-investment vehicle affiliated with the fund.
The IMRF manages $60.9 billion in assets for Illinois municipal employees located outside of Chicago.