Illinois Teachers’ Retirement System, Springfield, voted today to invest 1% of total assets in an emerging and minority-owned equity manager-of-managers program with Progress Investment Management. Funding will come from cash. Northern Trust was the other finalist in the search.
The $21 billion system also committed up to $75 million to the Warburg Pincus International Partners private partnership, which invests in international venture capital. The hire is the system’s sixth in its expansion of its private equity program. Funding comes from rebalancing; the fund is moving a total of $710 million among existing managers.
