Key Takeaways
- • The Illinois Police Officers' Pension Investment Fund (IPOPIF) has narrowed its private markets consultant search to Albourne Partners Ltd. and Callan LLC, after interviewing four firms including Verus Investments and Wilshire Advisors LLC.
- • A final decision is expected at the fund's March 14 board meeting, with both finalists asked by the board to provide pricing clarification and options.
- • IPOPIF, managing $12.9 billion as of November 30, 2024, is targeting 20% private markets exposure: 7 points private equity, 5 points private credit, 5 points real estate and 3 points infrastructure.
- • The consultant will help build the fund's private markets strategy, supported by Greg Turk, hired in July 2024 as deputy CIO with extensive private markets experience.
Summary
The Illinois Police Officers' Pension Investment Fund announced at a Friday board of trustees meeting that it has narrowed its selection for a private markets consultant to two firms, Albourne Partners Ltd. and Callan LLC. According to the fund, the board interviewed four candidates over the course of the morning: Verus Investments, Callan, Albourne and Wilshire Advisors LLC. Following those presentations, the board directed staff to seek pricing clarification and options from Albourne and Callan, a fund spokesperson said. A final decision is expected at the March 14 board meeting.
The consultant will assist IPOPIF in building a strategy to invest in private markets. The fund issued a request for proposals for the role in September 2024. IPOPIF is a consolidation of more than 300 local police pension funds, a process that began in 2022 and was completed in December 2024. The fund hired Greg Turk, an executive with years of private markets experience, as deputy CIO in July to help develop the strategy.
According to the fund's investment policy, IPOPIF is targeting 20% private markets exposure, comprising seven percentage points to private equity, five points each to private credit and real estate, and three points to infrastructure. As of November 30, 2024, the fund managed $12.9 billion in assets, allocated 58.7% to a growth equity portfolio, 19.3% to risk mitigation strategies, 16.2% to fixed income and 5.8% to real assets. Its long-term target allocation sets 65% to growth equity, including the 7% private equity component; 14% to fixed income, including the 5% private credit allocation; 13% to risk mitigating strategies; and 8% to real assets, including 5% real estate and 3% infrastructure.
The consultant will assist IPOPIF in building a strategy to invest in private markets. The fund issued a request for proposals for the role in September 2024. IPOPIF is a consolidation of more than 300 local police pension funds, a process that began in 2022 and was completed in December 2024. The fund hired Greg Turk, an executive with years of private markets experience, as deputy CIO in July to help develop the strategy.
According to the fund's investment policy, IPOPIF is targeting 20% private markets exposure, comprising seven percentage points to private equity, five points each to private credit and real estate, and three points to infrastructure. As of November 30, 2024, the fund managed $12.9 billion in assets, allocated 58.7% to a growth equity portfolio, 19.3% to risk mitigation strategies, 16.2% to fixed income and 5.8% to real assets. Its long-term target allocation sets 65% to growth equity, including the 7% private equity component; 14% to fixed income, including the 5% private credit allocation; 13% to risk mitigating strategies; and 8% to real assets, including 5% real estate and 3% infrastructure.
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