Teachers Retirement System of the State of Illinois, Springfield, committed $100 million each to real estate funds Beacon Capital Partners V and Blackstone Real Estate Partners VI, and an additional $100 million to Lion Industrial Trust for a total of $200 million.
In private equity, trustees of the $39.7 billion fund committed $100 million to New Mountain Partners III at the May 18 board meeting. The also approved several follow-on private equity commitments: $200 million to Carlyle Partners V, a buyout fund; $100 million to MatlinPatterson Global Opportunity Partners III, a distressed debt fund; and $25 million to Evergreen Partners V, an Israeli venture capital fund.
Trustees moved a $507 million small-cap to midcap core index account from SSgA to RhumbLine Advisers, which already manages a $947 million S&P 500 ex-Sudan index account for the fund. The change was made because RhumbLine offered a better fee structure, said CIO Stan Rupnik; he didnt provide details. SSgA still manages $1.9 billion in passive/enhanced domestic and international equities for the system.
TRS also terminated NCM Capital Management from a $60 million active domestic midcap equity portfolio for organizational reasons, said Eva Goltermann, TRS public information officer. Maceo K. Sloan, NCM chairman, CEO and CIO, said the termination was precipitated by the departure of portfolio manager Shane John. Mr. Sloan said he will assume Mr. Johns investment duties and will add another portfolio manager or a research analyst to the midcap equity investment team. Mr. Johns plans could not be learned by press time.
The fund returned 12.7% on its investments for the year ended March 31, beating its customized benchmark, the plans lead consultant, Becky Gratsinger of R.V. Kuhns & Associates, reported. The funds annualized returns of 12.3% for the three years, 11% for the five years and 9.8% for the 10 years ended March 31 also beat the funds benchmark.
Separately, Lamar Villere was promoted to senior alternative investments officer, and Scottie Bevill to senior investment officer for global fixed income and real returns. Mr. Villere replaces Louis Darmstadter, said Ms. Goltermann. Mr. Darmstadter took a position as a private equity portfolio manager at the $65 billion Ohio Public Employees Retirement System, Columbus, said Richard A. Baker, an Ohio PERS spokesman. Mr. Villere was domestic equities investment officer, and TRS is searching for a replacement, Ms. Goltermann said. Mr. Bevill was investment officer and will retain his previous duties.