IPOPIF Seeks Private Markets Consultant | Chief Investment Officer

On Friday, the board of trustees of the Illinois Police Officers’ Pension Investment Fund approved a search for an investment consultant to assist the fund in building out its private markets allocation.

The fund recently hired Greg Turk as deputy CIO to help build out its alternative investments. IPOPIF, which has historically had little exposure to alternatives, has an investment policy that targets a 20% exposure to private markets assets.

IPOPIF’s long-term asset allocation target includes a 7% allocation to private equity, 5% each to private credit and real estate, and 3% to infrastructure.

“Private market investments can enhance portfolio returns and diversification, but also bring additional investment and operational challenges,” Turk said in a statement. “A partnership with a strong consultant can help IPOPIF develop an optimum structure with access to top tier investments, while controlling costs.”

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A request for proposals will be posted sometime next week, and the search will consist of two phases, consistent with other requests for proposals issued by the fund. In July, the fund issued an RFP for a private credit manager to manage at least 3% of the fund’s 5% allocation to the asset class.

The fund, a consolidation of more than 300 local police pension funds in Illinois, has $10.8 billion in assets under management, as of July 2024. The fund allocates 58.1% of its assets to equities, 15.6% to fixed income, 5.6% to real assets and 20.6% to risk mitigation strategies.