Illinois Police Pension Narrows Private Markets Consultant Pick to Albourne, Callan

The Illinois Police Officers’ Pension Investment Fund announce at a board of trustees meeting Friday that it has narrowed its selection for a private markets consultant to two firms, Albourne Partners Ltd. and Callan LLC. The consultant will help IPOPIF build a strategy to invest in the private markets.

The fund’s board interviewed four consultants, Verus Investments, Callan, Albourne and Wilshire Advisors LLC throughout the morning, before announcing its choice. A final decision is expected at the fund’s March 14 board meeting.

“Following presentations by Albourne, Callan, Verus and Wilshire, the board directed staff to seek pricing clarification and options from Albourne and Callan,” a spokesperson for IPOPIF said.

IPOPIF issued a request for proposals in September 2024 for this consultant. The fund is a consolidation of more than 300 local police pension funds, consolidated via a process that began in 2022 and was completed in December 2024.

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The fund hired Greg Turk, an executive with years of experience in the private markets, as deputy CIO in July to help build out the strategy. According to the fund’s investment policy, IPOPIF is targeting a 20% private markets exposure: seven percentage points to private equity, five points each to both private credit and real estate, and three points to infrastructure.

The fund managed $12.9 billion in assets as of November 30, 2024. The fund allocates 58.7% of its assets to a growth equity portfolio, 19.3% to risk mitigation strategies, 16.2% to fixed income and 5.8% to real assets.

The fund’s long-term target allocation sees a 65% allocation to the growth equity portfolio, which includes the 7% private equity component; a 14% allocation to fixed income, including the 5% private credit allocation; 13% to risk mitigating strategies; and 8% to real assets, including 5% to real estate and 3% to infrastructure.