After nine years as chief investment officer of the Illinois Municipal Retirement Fund, Dhvani Shah is leaving to oversee investing for a private company.
Dhvani later this month will become chief investment officer of JM Family Enterprises. Based in Deerfield Beach, Fla., JM Family Enterprises is the world’s largest independent distributor of Toyotas and one of the largest providers of finance and insurance products in the automotive industry.
During Dhvani’s time at IMRF, the portfolio grew from $24.8 billion on Dec. 31, 2011 to $48.3 billion on Nov. 30, 2020. The best-funded statewide public pension in Illinois, its funded status increased from 83 percent in 2011 to 91 percent in 2019.
During her time, Dhvani also diversified the portfolio through such strategies as investing in international real estate, launching a directly funded private equity program and the initiation and implementation of internally managed U.S. equity portfolios. In 2019, IMRF became the first public pension in the nation to receive the Malcom Baldridge National Quality Award for performance excellence.
In a statement, IMRF Executive Director Brian Collins said that Dhvani “managed the portfolio through some of the most turbulent markets in memory” and “will be greatly missed.” Also in a statement, Dhvani said she was “proud of having been a part of this outstanding organization.”
Based in Oak Brook, Ill., IMRF is Illinois’ second-largest pension plan. It has more than 440,000 members and more than 3,000 participating units of local government.
Dhvani is a past speaker at both the Women’s Private Equity Summit and the Women’s Alternative Investment Summit.
Prior to IMRF, Dhvani was the managing director of private equity for the New York State Teachers’ Retirement System. Her background also includes roles with Bank of America’s Strategic Investment Group and Northwestern University’s Investment Office.