Illinois State Board of Investment, Chicago, may initiate searches for managers later this year as a result of changes in asset allocation targets by the $9.5 billion fund, said William Atwood, executive director. Searches are possible for managers in domestic midcap, fixed income, and hedge funds of funds. Some of the searches could begin in March.
The new targets include a 5% allocation to hedge funds, a new asset class; other new targets are 45% domestic equity, down from 46%; 10% international equity, down from 15%; 25% fixed income, up from 23%; 5% private equity, down from 8%; and 10% real estate, up from 8%. Marquette Associates assisted.