By Muskan Arora
The $10.8bn Ilinois Police Officers’
Pension’ Investment Fund begins search for an investment consultant, to assist
the fund in building out its private market allocations.
The
search will be conducted in two phases, including a request for initial
information which will be followed by a submission of comprehensive proposal.
The system plans to select a consultant by
early 2025 and select the top candidates by December 2024.
Deadline for phase 1 is October 2, and for phase
2 is October 25.
During the selection process, the system
will require references from at least 3 public fund investment consulting
clients.
In addition, the system will also look at
the performance of the candidate as well as value-added services to its
clients, including investment policy development; asset and liability modeling;
performance evaluation; custodian search and evaluation; and fee negotiations.
IPOPIF seeks a consultant who has a broad
reach into all private market verticals, alongside experience in structuring mandates
and an in-depth understanding of quantifying and underwriting all risk.
The new consultant will be responsible for assistance
with investment manager searches, collaborate with the system’s staff to create
and implement strategic plans including setting “appropriate long term asset
allocation targets and implementation plans to achieve those targets.”
IPOPIF historically has a small allocation
to alternatives, with a target of 20% for private markets assets.
The system has a long-term allocation of 7%
to private equity, 5% to private credit and real estate and 3% to
infrastructure.
Mostly recently, the system appointed Greg Turk
as deputy CIO to help build out its alternative investments.
