Illinois State Board of Investment, Chicago, plans to issue an RFP for a private equity consultant, said William R. Atwood, executive director of the $11 billion fund. The move is part of a plan to invest an estimated $100 million a year for the next few years in private equity, he said. Fund officials plan to meet the fund's 5% private equity target, an increase from the current 4.2% allocation, or $458 million. Partial funding would come from reinvesting proceeds of maturing private equity investments.
The fund's previous private equity consultant was Stratford Advisory Group, whose contract expired at the end of 2004.
The board is conducting the search internally. Interested firms should contact Joy Winterfield, portfolio manager-private equity and real estate, who is coordinating the search. Mr. Atwood expects the board's investment policy committee to make a hiring recommendation at its March 23 meeting.