Illinois commits $50m to two Mayfield venture funds

IMRF committed to both Mayfield XVI and Mayfield Select Fund II. The pension system also had an active 2019.

The Illinois Municipal Retirement Fund (IMRF) has already committed $50 million of capital to work across two venture vehicles this quarter.

IMRF committed an aggregate $50 million to both Mayfield XVI and Mayfield Select Fund II at its board meeting last week, according to news release from the pension.

Fund XVI is the latest vintage of the firm’s flagship strategy of investing in early-stage tech companies in the US. The select vehicle will focus on later-stage, follow-on investments into existing portfolio companies.

The pension system has an existing relationship with the manager and has invested an aggregate of $36.3 million into past funds, including Mayfield XV and Mayfield XIV.

Mayfield Fund XV closed in 2016 on $400 million of capital commitments and Mayfield Select Fund I also closed in 2016 on $125 million.

The LP was active in venture during 2019 and invested more than a quarter of a billion dollars, $255 million, across five venture vehicles.

The organization invested $30 million into Versant Vantage I, and four vehicles managed by Lightspeed Venture Partners.

The fund invested $25 million into Lightspeed SPV OB and an aggregate $100 million split across Lightspeed Venture Partners VIII and Lightspeed Venture Partners Select IV in December.

IMRF also invested $100 million into the Lightspeed Global Opportunity Fund last March.

IMRF houses venture capital it its private equity bucket which made up about 4 percent of the overall portfolio as of the end of 2018. The strategy is worth more than $1.5 billion.

Private equity recorded a three-year return of 16.22 percent and a five-year return of 13.07 percent as of the end of 2019.

The Illinois Municipal Retirement Fund was founded in 1939 and serves more than 3,000 people. The fund has more than $43.8 billion in assets under management.

The full pension fund had a three-year return of 9.99 percent and a five-year return of 7.64 percent at the end of 2019.