The $48.7 billion Illinois Teachers' Retirement System, Springfield, committed or invested a total of up to $525 million to five investment strategies during a board meeting Tuesday.
The largest allocation was up to $200 million in credit hedge fund Magnetar Constellation Fund V, managed by Magnetar Capital. The pension fund invested $150 million in Magnetar's previous offering in its family of structured credit and lending funds.
TRS committed up to $100 million to energy private equity fund NGP Natural Resources XII, managed by NGP Energy Capital Management. It previously committed $100 million each to the 10th and 11th funds.
In real estate, up to $100 million was earmarked for Blackstone Real Estate Partners Asia II, an opportunistic fund managed by Blackstone Group. TRS committed $100 million to the first fund in the series. Blackstone managed a total of $592 million as of June 30 in various strategies for the pension fund.
The pension plan also committed between $50 million and $75 million to Institutional Venture Partners XVI. TRS committed $50 million to the previous venture capital fund.
Finally, the board approved a $50 million commitment to private equity fund ICV Partners IV, from the pension plan's $750 million emerging managers program.