DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
State retirement system
Illinois Municipal Retirement Fund (IMRF)
State retirement systemmunicipalIL
Assets
$63B
Fiduciary net position, Dec 31, 2025 reported
Funded
n/a
not filed
Private markets target
24.5%
policy Dec 31, 2025
Commitments
0
none on the tape
Allocation policy
ACFR, as of Dec 31, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash Equivalents | Cash | 1.0% | reported imrf.org | |||
| Fixed Income | Fixed income | 24.0% | reported imrf.org | |||
| Alternative Investments | Private equity | 14.0% | reported imrf.org | |||
| Domestic Equity | Public equity | 32.5% | reported imrf.org | |||
| International Equity | Public equity | 18.0% | reported imrf.org | |||
| Real Estate | Real estate | 10.5% | reported imrf.org |
Policy periods on the tape: Dec 31, 2025 (ACFR), Dec 31, 2024 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
3 firms
- Callan LLC General consultantthrough Dec 31, 2025 ACFR
- Gabriel, Roeder, Smith & Company Actuarythrough Dec 31, 2025 ACFR
- Northern Trust Co. Custodianthrough Dec 31, 2025 ACFR
People
4 roles
Chief investment officer
Angela Miller-May
Chief Investment Officer (Dec 31, 2025) imrf.org
ANGELA MILLER-MAY
Chief Investment Officer
- Vladimir Shuliga Interim Executive Director & General CounselExecutive director / CEO
- Elizabeth Govea Managing Investment Officer Private MarketsInvestment officer
- Gissel Orlando Managing Investment Officer Public MarketsInvestment officer
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
58 readings
Fiduciary net position
$103B (2024-06) · $94B (2023-06) · $112B (2022-06)
What changed
7 events
- Dec 31, 2025Allocation target changedIllinois Municipal Retirement Fund (IMRF) cut its Fixed Income target 24.5% -> 24.0% (2024-12-31 to 2025-12-31)
- Dec 31, 2025Allocation target changedIllinois Municipal Retirement Fund (IMRF) cut its Domestic Equity target 33.5% -> 32.5% (2024-12-31 to 2025-12-31)
- Dec 31, 2025Allocation target changedIllinois Municipal Retirement Fund (IMRF) raised its Alternative Investments target 12.5% -> 14.0% (2024-12-31 to 2025-12-31)
- Jun 30, 2024Assets changedIllinois Municipal Retirement Fund (IMRF) total assets $47.8B -> $52.1B (+9.1%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedIllinois Municipal Retirement Fund (IMRF) fiduciary net position $94.1B -> $102.9B (+9.3%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedIllinois Municipal Retirement Fund (IMRF) fiduciary net position $112.4B -> $94.1B (-16.3%, 2022-06-30 to 2023-06-30)
- Jun 30, 2023Assets changedIllinois Municipal Retirement Fund (IMRF) total assets $57.3B -> $47.8B (-16.6%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 227912
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.