Minority Investment Manager Goals

Office meeting

Minority Investment Manager Utilization Goals

IMRF is committed to providing opportunities for minority investment managers. A minority investment manager is defined as a qualified investment manager that manages an investment portfolio and meets the definition of “minority owned business”, “women owned business”, or “business owned by a person with a disability”, as defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.

Minority Investment Management firms must be 51% or more owned by individuals that are minorities, women or persons with a disability and are citizens or lawful permanent residents of the United States. This website offers a complete definition.

The IMRF Board of Trustees has adopted the following minimum goals for the utilization of Minority Investment Management firms.

Utilization Goal for Minority Investment Managers by Classification

Classification Minimum Goal as % of Total Fund Market Value
Minority Owned Businesses 13%
Women Owned Businesses 6%
Businesses Owned by a Person with a Disability 1%
Total Minority Investment Managers 20%

Utilization Goal for Minority Investment Managers by Asset Class

Portfolio Asset Class Minimum Goal as a % of Asset Class
Domestic Equity 5%
International Equity 18%
Fixed Income 28%
Real Estate 8%
Private Equity 18%
Timberland Best Efforts
Agriculture Best Efforts

Timberland and Agriculture percentages are calculated using NAVs. Private Equity and Real Estate percentages are calculated using committed amounts.