Illinois Municipal Retirement Fund (IMRF) has issued a request for proposal to hire private credit managers as part of a plan to invest in real estate and infrastructure debt.

The pension fund disclosed in a meeting document that it intends to consider multiple managers as it seeks to invest $300m (€275.2m) in potential strategies including direct lending, opportunistic and distressed/special situations.

The investments could include some investing in real estate debt and infrastructure debt.

IMRF expects to consider open or closed-ended fund managers with a US, Europe or global strategy but won’t consider funds predominately focused on Asia or emerging markets.

A final decision on the search is expected to be made by 25 August.

IMRF has invested 0.4% of its total plan assets in private credit with a 4% allocation target. The plan is to make annual commitments of up to $600m in private credit funds over the next couple of years.

IMRF also added to its real estate portfolio by making a $50m commitment to the AEW Partners Fund.

 

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