Illinois State Universities Retirement System, Champaign, could commit up to $300 million in private equity in the next 12 months, said Daniel L. Allen, CIO of the $14.2 billion system. Fund officials are considering searching for fund-of-funds managers, he said. The board could make a decision at its meeting on Sept. 15, when it discusses how it will proceed with implementation.
Initially, the board likely will look at the fund's existing private equity managers, Mr. Allen said. They are Adams Street Partners, which manages or has commitments of $420 million; Pantheon Ventures, $200 million; Muller & Monroe Asset Management, $25 million; and Progress Investment Management, $9 million.
Mr. Allen said the state's Sudan-related investment restrictions will be a factor in the implementation, because managers have to certify compliance.
The system is trying to get closer to its 5% private equity target allocation, he said; funding would come from reducing domestic equities.