Illinois Metropolitan Investment Fund

What Illinois Metropolitan Investment Fund does

Illinois Metropolitan Investment Fund (IMET) is a Local Government Investment Pool (LGIP) created in 1996 by and for Illinois government finance officers and administrators. Headquartered in Oak Brook, Illinois with an additional office in Edwardsville, IMET pools funds from Illinois municipalities, counties, cities, and villages to deliver investment vehicles that individual agencies could not efficiently access on their own. The cooperative offers two core funds: the IMET Convenience Fund, a stable NAV pool for day-to-day cash management with same-day liquidity, no corporate credit exposure, and a 3.71% daily yield (as of July 2026); and the IMET Core Fund, a floating NAV pool designed for longer-duration public fund balances, carrying a Moody's Aa/bf rating, a 1-3 year target portfolio maturity, and a 4.01% market yield (as of June 2026).

IMET supplements its two pooled funds with a set of participant services: a MuniCast-powered cash flow forecast model, Separately Managed Accounts, DebtBook dashboard and software for bond/lease/subscription management (launched April 2022), and Arbitrage Rebate Calculation Services offered via a partnership with Arbitrage Rebate Counselors, LLC (announced October 2025). Distribution is direct-to-government through a 24-hour online portal, an Operations Desk phone line, and email, with marketing support via monthly newsletters, webinars co-presented with Meeder Investment Management, and presence at IGFOA, IML, IMTA, ICTA, and GFOA conferences.

IMET is a privately held cooperative governed by a Board of Trustees composed of its participants, with no parent company or external owner. The organization employs 1-10 staff under Executive Director Sofia Anastopoulos and Associate Directors Debra Zimmerman and Ethan Lord. Revenue is generated through pooled investment management fees on participant balances, although specific financial figures are not publicly disclosed. The fund has earned a 2020 GFOA Certificate of Achievement for Excellence in Financial Reporting and continues to add adjacent services to deepen relationships with its Illinois public-sector client base.

Name

Illinois Metropolitan Investment Fund

Legal name

Illinois Metropolitan Investment Fund

Website

https://investimet.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Illinois Metropolitan Investment Fund is a cooperative Local Government Investment Pool created in 1996 that pools funds from Illinois municipalities, counties, and cities into two funds (Convenience and Core), serving Illinois government finance officers with safe, liquid public-fund investment vehicles.

Ownership category

akta.pro rank

Product category

Public Fund Investment Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Money Market Funds & Ultra-Short Duration (FSAAAHAK)

akta.pro secondary industry

Money Market Funds (FSAAAEAC)

Keywords

• Public fund investment
• Government investment pool
• Municipal cash management
• Fixed income management
• Local government investing

Headquarters

HQ city

Oak Brook

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Pool Fees: IMET operates as a pooled investment fund for Illinois public funds. The fund generates returns through investment in fixed income securities and government-backed products, with returns passed through to participants in the form of yields on their investments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Illinois Metropolitan Investment Fund (IMET) operates a Local Government Investment Pool (LGIP) that pools funds from Illinois government agencies to provide professionally managed investment vehicles for public funds. It offers two core funds — the IMET Convenience Fund (stable NAV, same-day liquidity, no corporate credit exposure) for day-to-day cash management and the IMET Core Fund (floating NAV, Moody's Aa/bf rated, 1-3 year target maturity) for longer-term investment — supplemented by participant services such as Separately Managed Accounts, Arbitrage Rebate Calculation Services, DebtBook bond/lease management, and cash flow forecasting tools.

Product overview

IMET is a Local Government Investment Pool (LGIP) created in 1996 for Illinois public funds. The company offers two core investment funds: the IMET Convenience Fund (stable NAV pool for day-to-day cash management with same-day liquidity and no corporate credit exposure) and the IMET Core Fund (floating NAV pool for longer-term investments with Moody's Aa/bf rating and 1-3 year target maturity). These are supplemented by participant services including a Cash Flow Forecast Model powered by MuniCast, Separately Managed Accounts (SMA), Arbitrage Rebate Calculation Services (ARCS), and DebtBook for bond/lease management. All services are accessible through a 24-hour online portal.

Differentiator

Problem solved

Functional benefit

Brands

• IMET Convenience Fund: Stable NAV pool designed for day-to-day cash management with no corporate credit exposure and same-day liquidity.
• IMET Core Fund

Products and services

• IMET Convenience Fund A stable NAV pool designed for day-to-day cash management of Illinois public funds. Features no corporate credit exposure, same-day liquidity, 24-hour online portal access, and no minimum investments or transaction costs. Daily yield of 3.71% as of July 01, 2026.
• IMET Core Fund A floating NAV pool designed for funds that may be invested for longer than one year. Features Aa/bf rating from Moody's, target portfolio maturity between 1-3 years, next-day liquidity, and no early withdrawal or redemption fees. Market yield of 4.01% as of June 30, 2026.
• Separately Managed Accounts (SMA) Separately Managed Accounts made available as an investment tool to IMET participants, providing customizable portfolio management options beyond the pooled funds.
• Arbitrage Rebate Calculation Services (ARCS) Arbitrage Rebate Calculation Services provided through agreement with Arbitrage Rebate Counselors, LLC. Available to IMET participants that issue debt and may incur a liability under the Internal Revenue Code and Regulations.
• DebtBook Dashboard and Software DebtBook Dashboard and Software providing bond, lease, and subscription management capabilities. Available to IMET participants as a service offering.

Quantifiable outcome

• IMET Convenience Fund outperformed other Illinois pools by 14-28 basis points (June 2010 data)
• +2 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature2 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Arbitrage Rebate Counselors, LLC (ARC)minorImplementation/ SI/ Consulting Partner · 1 October 2025IMET offers Arbitrage Rebate Calculation Services (ARCS) through agreement with Arbitrage Rebate Counselors, LLC. Available to all IMET participants that issue debt and may incur liability under Internal Revenue Code and Regulations.
• Meeder Investment ManagementcoreStrategic or Co-development PartnerMeeder Investment Management provides market update presentations and webinars for IMET participants. They support IMET's educational resources and market outlook content for Illinois public funds.
• MuniCastcoreTechnology or IntegrationMuniCast provides the simplified cash flow forecast model exclusively available to IMET participants. This tool helps project revenues, expenditures and associated balances to identify liquid and core portfolio segments.
• Ice MillerminorImplementation/ SI/ Consulting PartnerIMET previously offered Arbitrage Rebate Calculation Services through partnership with Ice Miller. Services available to IMET participants that issue debt.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Florida PRIME: A Florida government investment pool administered by the State Board of Administration, providing stable NAV cash management to Florida public entities — structurally similar to IMET's Convenience Fund.
• NYCLASS (New York Cooperative Liquid Assets Securities System): A New York LGIP serving local governments with pooled, professionally managed investment vehicles; functionally analogous to IMET but operating in a different geography.
• PLGIT (Pennsylvania Local Government Investment Trust): A Pennsylvania-based LGIP offering pooled investment options to municipalities and school districts, comparable in structure and target market to IMET's Illinois government pool.
• California Asset Management Program (CAMP): A California-focused LGIP offering pooled cash and duration portfolios to municipalities, structurally analogous to IMET but operating in a different geography.
• TexPool (Texas Local Government Investment Pool): One of the largest state LGIPs in the U.S., offering pooled investment products to Texas government entities — comparable in function to IMET but at significantly greater scale and in a different state.

Others

• Meeder Investment Management: IMET's core portfolio administration and market-education partner (and portal host). While not a direct competitor, Meeder's role is adjacent — it powers IMET's investment operations and could be considered an ecosystem enabler with potential overlap in serving public funds.

Broad incumbents

• PFM Asset Management: A broad asset manager operating CAMP and other government investment pools, providing pooled cash and duration products to public-sector clients comparable to IMET's participant base.
• PMA Financial Network: A large fixed-income manager that administers multiple state and regional LGIPs (including IPTIP), making it both a competitor and a model of how larger incumbents scale government-pool offerings beyond IMET's reach.

Direct peers

• Illinois School District Liquid Asset Fund Plus (ISDLAF+): An Illinois-based LGIP serving school districts and governmental entities with pooled investment products, overlapping with IMET's Illinois public-sector clientele and short-duration cash management offerings.
• Illinois Public Treasurers' Investment Pool (IPTIP): A statewide Illinois LGIP serving public treasurers with pooled investment vehicles, directly competing with IMET for the same Illinois government-agency customer base and similar cash-management mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/illinois-metropolitan-investment-fund

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Metropolitan Investment Fund