The Illinois Municipal Retirement Fund received board approvals to invest approximately $237 million in two private equity and real estate firms, as well as to terminate its BMO Large Cap Value portfolio worth about $1.1 billion.

The pension fund will commit up to $100 million to Lightspeed Venture Partners XIII LP and Lightspeed Venture Partners Select IV LP funds, and as much as $25 million to Lightspeed SPV OB LLC. The funds are managed by Lightspeed Venture Partners.

The retirement fund will also invest up to €100 million to Ares Management Corp.'s Ares European Property Enhancement Partners III SCSp vehicle.