Illinois State Universities Retirement System, Champaign, hired CastleArk Management to run $65 million in an active domestic small-cap growth equity strategy, confirmed Daniel Allen, chief investment officer of the $14 billion retirement system.
Callan Associates assisted. Nicholas Investment Partners was the other finalist.
Funding will come from reducing passive domestic equities or cash, Mr. Allen said in a telephone interview. There will be no terminations of managers.
An RFP was issued in November following an asset/liability study that increased weightings to small-cap and midcap in the $4.3 billion domestic equity portfolio.