Investment Analyst-Private Markets

Internal applicants must apply by 4/7/2026

This position is hybrid 2 days a week- then working onsite in our Oak Brook IL office!

OVERVIEW
It is the mission of the Investment Department to optimize the total return of the IMRF investment portfolio through a policy of long-term diversified investment, using parameters of prudent risk management.

This position reports to the Managing Investment Officer and works closely with the Chief Investment Officer.

RESPONSIBILITIES
The Investment Analyst-Private Markets will be an integral member of the investment team on a global investment portfolio with assets in excess of $60 billion. The individual will be responsible for a comprehensive understanding of overarching investment principles, with a focus on private market asset classes, which currently include Private Equity, Private Credit, Real Estate, Infrastructure, Agriculture and Timber. The Investment Analyst-Private Markets will be responsible for analyzing, evaluating, monitoring, and reporting on the activities of the Fund's private markets investment managers in compliance with IMRF Investment Policy.

This position is also responsible for special projects as assigned and will act as a back-up investment professional. This position will have contact with the IMRF Board of Trustees, Investment Consultants, Investment Managers, and other investment professionals.

GENERAL DUTIES
Under the guidance of the Managing Investment Officer, the Investment Analyst will perform the following duties:

Portfolio Management

• Build and maintain expertise across private market asset classes to support IMRF's private markets strategy.

• Analyze private market exposures and performance to help meet long term return objectives within established risk parameters.

• Develop and update portfolio level reporting using IMRF's Portfolio Management Software.

• Track and report weekly cash flow activity, including capital calls and distributions.

• Support the Diversity program through analysis, due diligence, and preparation of recommendations for diverse and emerging manager initiatives.

Investment Analysis and Due Diligence

• Proactively source new investment opportunities across private equity, private credit, real assets, and real estate strategies for recommendation to the Managing Investment Officer, Private Markets Team and Chief Investment Officer.

• Conduct prospective manager meetings and prepare meeting notes in a timely and accurate manner.

• Participate in RFP processes and manager evaluations.

• Conduct due diligence on investment opportunities, reviewing data rooms, conducting quantitative diligence utilizing data and software tools (i.e. eVestment/Top-Q. Pitchbook, and Hamilton Lane Cobalt) and participate and lead due diligence meetings.

• Prepare screening memos and full investment memos with well-supported recommendation documenting qualitative and quantitative findings.

• Participate in evaluating co-investment opportunities and participate on internal co-investment investment committee.

• Monitor global macro and microeconomic trends relevant to investment recommendations.

• Participate in the review and negotiation of legal documents and terms.

• Support team in the completion of subscription and other legal agreements.

Portfolio & Manager Monitoring

• Conduct semiannual meetings with active private market relationships and prepare meeting notes in a timely and accurate matter.

• Review financial reports and other documents to monitor the performance of the private market portfolio.

• Attend annual meetings and advisory board meetings as needed.

• Provide recommendations on LPAC items, amendments and consents.

• Ensure manager compliance with the relevant limited partner agreements, side letters and investment management agreement(s) and IMRF Investment Policies.

• Prepare semi-annual performance updates for the co-investment portfolio.

Portfolio Operations

• Ensure accurate and timely entry of capital calls, distributions, market values, and unfunded commitments into the Portfolio Management Software.

• Track management fees on a quarterly basis.

• Enhance analytical tools for performance monitoring, risk reporting, and…