Illinois State Universities Retirement System, Champaign, endorsed the hiring of Muller & Monroe Asset Management to oversee a private equity fund of funds joint venture also involving the Illinois Municipal Retirement Fund, Oak Brook, and Chicago Public School Teachers Pension and Retirement Fund, said James M. Hacking, executive director of SURS, which has $12.4 billion in assets.
The venture is an effort by the three funds to hire small minority- and women-owned private firms that typically are off the radar screens of their private equity fund-of-funds managers, Mr. Hacking said. Muller & Monroe, serving as fund-of-funds manager, would identify such eligible firms for the venture. SURS plans to allocate $25 million to the venture, funding coming from cash flow, he said.
The $10.2 billion Chicago Teachers fund has a proposal on endorsing the hiring on its agenda for its meeting later this month, said Michael J. Nehf, executive director. The fund could also allocation $25 million to the venture, he added.
Officials of the $15.1 billion Illinois Municipal fund couldn't be reached for comment.
