188
VC firms backed
$57B
AUM
~$1.1B
Allocated to VC (est. 2%)
01 · Background
Who IMRF is.
- Historical Background
- The Illinois Municipal Retirement Fund (IMRF) was established by the Illinois General Assembly in 1939 and commenced operations in 1941. Initially launched with five local government employers and $5,000 in assets, the fund expanded significantly in 1947 to include school districts, which grew its employer base from 156 to 652.
- Source of Capital
- IMRF is a public pension fund, with capital sourced from contributions made by public employees and their respective government employers throughout Illinois. It operates as a multi-employer, defined-benefit plan, pooling contributions and investment earnings to fund retirement, disability, and death benefits.
02 · Fund commitments
The funds IMRF backs.
IMRF is a limited partner in 188 funds. 28 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Lightspeed Venture Partners
#7 Power Law
New Enterprise Associates
#8 Power Law
Khosla Ventures
#12 Power Law
Insight Partners
#23 Power Law
Atlas Venture
#53 Power Law
Battery Ventures
#54 Power Law
Notable Capital
#61 Power Law
TCV
#67 Power Law
Canaan
#103 Power Law
ARCH Venture Partners
#124 Power Law
Mayfield
#134 Power Law
TPG
#158 Power Law
Genesis Partners
#405 Power Law
Advent Life Sciences
AEW Invest
Ambienta
Apax Partners
Arle Capital Partners
Baring Asset Management
Baring Private Equity Asia
Candover Partners
Carlyle Cardinal Ireland - CCI
Cinven
CVC Capital Partners
Doughty Hanson Technology Ventures
ECI Partners
Transpac Capital
03 · Allocation
How IMRF’s fund book is spread.
The 188 funds IMRF backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 15884%
- Europe 2714%
- Rest of world 32%
United States 156 · United Kingdom 21 · Canada 2 · China 1
How established those managers are
Managers grouped by how many funds they have raised — across the 111 of 188 with a fund history on record.
Emerging funds · 39
Established funds · 72
18
1
10
2
11
3
12
4
19
5-6
13
7-9
14
10-14
14
15+
Funds raised by the manager
04 · Direct investments
The companies IMRF backs directly.
IMRF holds 2 companies directly, separate from the funds it commits to as a limited partner.
Orca Bio
$1.0B valuation
Unicorn
PBF Energy
$8.9B valuation
Unicorn
05 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to IMRF by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
LACERA
$73B AUM
131 VC funds backed
🇺🇸
Orange County Employees' Retirement System
$23B AUM
96 VC funds backed
🇺🇸
Washington State Investment Board
$190B AUM
99 VC funds backed
🇺🇸
New York State Common Retirement Fund
$298B AUM
120 VC funds backed
🇺🇸
New Mexico State Investment Council
$35B AUM
135 VC funds backed
🇺🇸
Pennsylvania State Employees' Retirement System
$42B AUM
122 VC funds backed
🇺🇸
LACERS
$22B AUM
112 VC funds backed
🇺🇸
San Francisco Employees' Retirement System
$32B AUM
136 VC funds backed