Illinois State Universities Retirement System, Champaign, hired Fairview Capital to manage $75 million in a private equity emerging manager fund of funds, according to Daniel L. Allen, chief investment officer of SURS, which oversees $14.9 billion in defined benefit and $1.2 billion in 401(a) assets.
The allocation, which will be funded over several years, is part of the “SURS goal that 10% of new commitments in alternative investments be awarded to qualified minority-, female- and persons with disability-owned firms,” Mr. Allen wrote in an e-mail.
SURS hasn't determined how many years it will take to fund the manager, Mr. Allen said.
SURS is the sole investor in the fund created for the system.
The hiring was the result of an RFP issued last December for the defined benefit fund.
Callan Associates, SURS' investment consultant, assisted in the search.
