By Muskan Arora

The $54.9bn Illinois Municipal Retirement Fund has committed
up to $340m to its alternative and real assets portfolio, as the implementation
of the next phase of the strategic asset allocation begins.

Within the alternative space, the system allocated $100m to Lightspeed
venture partners fund, $100m to Strategic Value Special Situations Fund VI and
$40m to two Base10 funds: Base10 Seed & Series A IV, L.P. and Base10 Series
B II, L.P.

The board plans to allocate 14% of its portfolio to
alternative investments, with an adoption of the policy benchmark of 14.0%
Custom Alternative Investments Benchmark, as of December 2025.

With a focus on residential real estate, the system
allocated up to $100m to new commitments within the portfolio.

---

Please Click Here to Register Now!

---

IMRF allocated up to $50m to Pretium Affordable
Single-Family Rental Fund VII, which targets build-to-rent single family homes
in fast growing suburban areas with warm climates.

Up to $25m were committed to both Mesirow Financial Real
Estate Value Fund V and S2 Real Estate Fund II.

Mesirow Financial focuses on multi-family value-added
vehicles including apartments, within the US.

S2 RE fund, a minority-owned fund, real estate opportunistic
fund focused on multi-family space with properties concentrated in the Sun Belt
states including Texas, Arizona, Florida among others.

The board plans to allocate 10.5% of its portfolio to its
real assets portfolio, with an adoption of the policy benchmark of 10.5% Custom
Private Real Assets Benchmark, as of December 2025.