Illinois Teachers' Retirement System, Springfield, launched a search for its first hedge fund consultant.
The $39.6 billion fund has a total of $2.2 billion invested directly in single and multistrategy hedge funds as well as in hedge funds of funds.
Investment staff has relied on the advice of its hedge funds-of-funds managers, Grosvenor Capital Management and K2 Advisors, about direct investment in individual hedge funds. In May, trustees accepted the recommendation of Kenneth Musick, absolute-return investment officer, to search for a consultant to assist with a planned overhaul of the hedge fund portfolio.
The new consultant's duties will include advising on the strategic direction of the hedge fund portfolio as well as its construction; manager research; monitoring and performance reporting; and back-office support, according to TRS RFP documents.
The RFP is available at the pension fund's website. Responses are due by 2 p.m. CDT Aug. 9.
