Illinois Teachers Retirement System, Springfield, committed up to $150 million to the Apollo V buyout fund. Funding comes from cash. The $24 billion system gradually is moving toward allocating 7% of its assets to private equity. Brad Morrow, deputy chief investment officer, told trustees at their Thursday meeting that he expects to reach the target in 2005. The system so far has committed $1.3 billion to 25 private equity partnerships managed by 17 companies.
Also, consultants PCA and Townsend are finalists in the systems search for a consultant to review its $2.4 billion real estate portfolio. The system has 10% of assets invested in real estate; its target is 8%. Trustees might make a selection in late April or mid-May.