Illinois State Board of Investment, Chicago, hired hedge fund-of-funds managers GrosvenorCapital, Ivy Asset, Mesirow Advanced Strategies, Rock Creek and Suoritus to run a combined $415 million, said William Atwood, executive director. The hirings are the $10.8 billion fund's first move into hedge funds. Grosvenor, Ivy, Mesirow and Rock Creek each will receive $100 million; Suoritus will get $15 million. The fund could invest another $125 million next year in other funds of funds after evaluating its experience with the strategy, Mr. Atwood added.
Rock Creek and Suoritus were hired under the fund's emerging managers program, Mr. Atwood said.