Illinois State Board of Investment, Chicago, authorized separate private equity and real estate consultant searches for its $8.3 billion plan. The incumbents, Callan for private equity and Townsend for real estate, can rebid. The fund has 5% of total assets in private equity and 7% in real estate.
"We're making a decision to aggressively renegotiate fees and restructure the relationships," said William Atwood, executive director.
Fund officials have not yet decided on a timeframe for the search, although RFPs will be issued soon under Mr. Atwood's direction, he said.