SPRINGFIELD, Ill. -- The Teachers' Retirement System of Illinois hired four active domestic growth equity managers in the first phase of its planned restructuring.
Trustees for the $21 billion defined benefit plan selected Oak Associates for a $200 million aggressive all-cap portfolio over TCW, the other finalist; Geewax Terker, $400 million in a more conservatively managed all-cap growth account, over Peregrine Capital; Morgan Stanley Dean Witter/Miller Anderson Sherrerd, $200 million in small-cap to midcap growth, over TCW; and Neuberger Berman, $100 million in small-cap growth, over Duncan-Hurst Capital.
Funding for each portfolio comes from assets held in an S&P 500 index account managed by State Street Global Advisors. The fund terminated managers in October to prepare for these hirings, and more will come in April.
Separately, the board also voted to invest $75 million in the $1.7 billion GTCR Fund VII/VIIA private equity fund.