The Illinois Municipal Retirement Fund (IMRF) has committed $50m to private debt, allocating the capital to Pemberton Strategic Credit Opportunities Fund IV, managed by Pemberton Asset Management, according to a report by Private Debt Investor.
Launched in 2024, the fund follows a senior debt strategy focused on corporate lending across Europe, with key target markets including France, Germany, Spain, the Netherlands, Switzerland, and the UK. The vehicle is targeting a total fund size of $3bn and aims to deliver a 15% IRR.
Its predecessor, Strategic Credit Opportunities Fund III, reached a final close at $2.49bn in March 2024 and has already deployed 85.33% of committed capital.
IMRF currently allocates 1.35% of its portfolio ($741.43m) to private debt.
