Illinois Teachers' Retirement System, Springfield, committed $1 billion total to five managers and allocated an additional $450 million total to four existing managers, confirmed spokesman David Urbanek.
The $42.8 billion pension fund committed $500 million to Apollo Global Management to run special situation separate accounts in private equity and fixed income, $250 million each. Apollo currently manages $369 million for TRS.
It also committed $200 million to Vista Equity Partners Fund V, a middle-market buyout fund that focuses on software and technology companies, and committed $100 million to co-investments with Vista Equity Partners. TRS has $127.8 million invested with Vista currently.
The pension fund also committed $100 million each to Oaktree Enhanced Income Fund II, which invests in senior loan assets on a leveraged basis and is managed by Oaktree Capital Management (OAK), and Union Grove Venture Partners, a venture capital fund. It also committed $30 million total to two Lightspeed venture capital funds — Lightspeed Venture Partners Fund X and Lightspeed Venture Partners Select. Mr. Urbanek did not know how the $30 million would be split between the two funds.
Separately, TRS allocated an additional $350 million to three core real estate managers — Capri Capital Partners and Invesco (IVZ) Real Estate each will receive an additional $125 million, bringing their total assets managed for the pension fund to $1.25 billion and $581.6 million, respectively; and Heitman will receive another $100 million, bringing its total to $1.3 billion.
The pension fund also invested an additional $100 million in long/short equity hedge fund Black Diamond Thematic, managed by Carlson Capital Management, increasing the total investment to $150 million.
Also, a $501 million global multiasset strategy managed by Pacific Investment Management Co. was placed on watch for personnel changes.