As the CIO of the Illinois Municipal Retirement Fund (IMRF), Angela Miller-May manages just over $55 billion ($55.2B as of Q1 2025) in assets on behalf of more than 440,000 members across Illinois.
Her rise to this role is as remarkable as it is inspiring: she began her career as a bank teller and worked her way to the top of institutional investing, becoming one of the most influential women in finance today.
Strategic Leadership at IMRF
Under Miller-May’s leadership, IMRF has consistently delivered strong results through turbulent markets. After a downturn in 2022, the fund rebounded in 2023 with a 13.22% net return.
That momentum carried into 2024, when IMRF posted a 9.2% net return, growing its portfolio from $52.1 billion to $54.9 billion and maintaining a healthy funded status of 96.4%. Both years were well above IMRF’s 7% actuarial assumed rate of return, underscoring her ability to exceed long-term performance targets.
The positive trend continued into 2025. As of March 31, 2025, IMRF’s market value had reached $55.2 billion. For the first quarter, the fund gained 0.97%, significantly outperforming its benchmark return of 0.38%.
These results highlight Miller-May’s strength in balancing resilience, risk management, and growth in one of the nation’s largest public pension funds.
Championing Diversity, Equity & Inclusion
Miller-May has also become a national leader in expanding access for diverse investment managers. At IMRF, she has grown relationships with 81 women-, minority-, and disability-owned firms, who now manage $13.66 billion of the fund’s portfolio.
This builds on what was truly pioneering work at the Chicago Teachers’ Pension Fund (CTPF), where she more than doubled Illinois’s diversity benchmark: under her leadership, 44% of assets were managed by diverse firms, compared to the state’s 20% target.
At the time, this level of allocation to diverse managers was one of the highest among U.S. public pension systems, setting a new standard for what was possible.
Industry Recognition and Advocacy for Women in Finance
Miller-May’s influence extends well beyond IMRF’s balance sheet. She is consistently recognized for her dedication to supporting women and underrepresented groups in the finance industry.
She was named one of Pensions & Investments’ 2023 Most Influential Women in Institutional Investing. She received the Markets Group 2023 DEI Leadership Award, the NASP 2022 Pacesetter Award, and the Institutional Investor 2022 DEI Leadership Award.
She also lends her voice and expertise through advisory and board roles with organizations such as First Women’s Bank, Women Investment Professionals (WIP), the Private Equity Women Investor Network (PEWIN), and the NASP Africa Institutional Investors Advisory Council.
These roles document her ongoing commitment to opening doors for women and diverse professionals in an industry where representation is still lacking.
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