Angela Miller-May currently manages over $55 billion in assets as Chief Investment Officer of Illinois Municipal Retirement Fund (IMRF). Her remarkable journey began with grandparents who were Mississippi sharecroppers and civil rights activists. Today, she stands among the few African American women leading major U.S. public pension funds.
The IMRF portfolio reached $55.2 billion as of March 2025 under her leadership. Miller-May oversees investments for more than 440,000 members across Illinois through strategic management and careful planning. Her success story demonstrates how determination and education can transform lives across generations.
Since becoming CIO in 2021, Miller-May has delivered exceptional results during challenging market conditions. The fund posted a 13.22% net return in 2023 after a difficult 2022 downturn. Additionally, IMRF achieved a strong 9.2% net return in 2024, maintaining a healthy 96.4% funded status.
Great Migration Legacy Shapes Educational Foundation and Career Drive
Miller-May’s family history reflects the broader African American experience of seeking better opportunities through education. Her grandparents joined the Great Migration in 1968, moving from Mississippi to Chicago with their five children. This courageous decision would impact generations of their family’s future success.
Her grandmother Beatrice Miller became the driving force behind the family’s educational aspirations. Beatrice had been forced to leave school after sixth grade to work as a sharecropper. However, she was determined that her grandchildren would have different opportunities than she experienced.
“She vowed that I would be the first to graduate from college,” Miller-May told Institutional Investor recently. “I was her job,” she recalled, highlighting the personal investment her grandmother made. This family commitment to education became the foundation for Miller-May’s eventual professional success.
Banking Career Beginnings Lead to Management Expertise and Leadership Skills
Miller-May initially pursued medicine at Northwestern University, even volunteering in a Chicago hospital’s pediatric ward. However, she discovered that her emotional nature made medical work challenging for her. “I was too emotional. I couldn’t be detached from people,” she explained about her hospital experience.
Her love for mathematics and understanding money led her toward banking instead. “I got into banking because banks are always going to be here — so I thought,” she said. She started as a bank teller but quickly advanced through the ranks at larger financial institutions.
Her management skills became evident as she supervised over 55 people during her banking career. “I managed over 55 people, and I found that managing people was a strength of mine,” she noted. However, the 2008 financial crisis brought emotional challenges when she had to lay off longtime colleagues.
Career Pivot to Pension Management Opens Door to Investment Leadership
The 2008 financial crisis prompted Miller-May to pursue an MBA while working as assistant vice president at Northern Trust/Fiserv. Technology eventually made her position redundant, but her additional education opened new opportunities. She joined Chicago Teachers’ Pension Fund (CTPF) as operations analyst in 2010.
Her progression at CTPF demonstrated her growing expertise in pension fund management and investment strategy. She advanced from operations analyst to private markets portfolio manager, then to director of investments. Eventually, she earned promotion to Chief Investment Officer, showcasing her comprehensive understanding of pension operations.
“I saw somebody who was well grounded into the day-to-day operations of a pension fund,” recalled her former employer Chuck Burbridge. He praised her strategic thinking and careful approach to decision-making. “She is a very, very diligent, measured individual,” he added about her leadership style.
IMRF Leadership Delivers Outstanding Investment Performance During Market Volatility
Miller-May’s appointment as IMRF CIO in 2021 marked a significant milestone in her career. She took charge of one of the largest public pension funds in Illinois during uncertain market conditions. Her strategic leadership has consistently delivered strong results for the fund’s members and stakeholders.
The fund’s performance under her guidance has been particularly impressive during volatile market periods. After experiencing a downturn in 2022, IMRF rebounded strongly with a 13.22% net return in 2023. This recovery demonstrated her ability to navigate challenging investment environments successfully.
The positive momentum continued into 2024, when IMRF achieved a 9.2% net return. The portfolio grew from $52.1 billion to $54.9 billion during this period while maintaining excellent financial health. The fund’s 96.4% funded status reflects sound management and strategic planning under her leadership.
Diversity and Inclusion Advocacy Creates Opportunities for Underrepresented Groups
Miller-May has made diversity, equity, and inclusion central to her investment strategy and professional mission. At IMRF, she has built relationships with 81 women-, minority-, and disability-owned firms. These partnerships now manage $13.66 billion of the fund’s total portfolio, creating significant opportunities for underrepresented businesses.
Her commitment extends beyond her day job through various advisory and board roles. She serves with organizations including Private Equity Women Investor Network (PEWIN) and NASP Africa Institutional Investors Advisory Council. Additionally, she holds positions with First Women’s Bank and Women Investment Professionals (WIP).
Her industry recognition includes being named one of Pensions & Investments’ 2023 Most Influential Women in Institutional Investing. She has also received the Markets Group 2023 DEI Leadership Award and the NASP 2022 Pacesetter Award. Furthermore, she earned the Institutional Investor 2022 DEI Leadership Award for her outstanding contributions.
Thought Leadership Elevates IMRF Profile in Investment Community
Miller-May has transformed IMRF’s visibility within the institutional investment community through her thought leadership. “She has continued to be able to be in the spotlight as a thought leader on investments,” noted Chuck Burbridge. He emphasized that this level of recognition was historically uncommon for IMRF leadership.
Her expertise and insights have made her a sought-after voice on investment strategy and pension management. She regularly shares her knowledge at industry conferences and through professional publications. This visibility benefits both her personal brand and IMRF’s reputation in the investment community.
“That’s really Angela taking [it] to another level,” Burbridge observed about her impact on the organization’s profile. Her ability to combine operational excellence with strategic vision has set new standards for pension fund leadership. This dual capability continues to drive both personal success and organizational growth.
