Illinois Teachers’ Retirement System, Springfield, invested or committed just over $900 million to nine alternative investment funds and strategies.
In real estate, the $44.8 billion pension fund split a $600 million commitment evenly between Blackstone Real Estate Partners VIII, managed by Blackstone Group, and Lone Star Real Estate Fund IV, managed by Lone Star Funds.
Trustees approved the commitments at a board meeting Thursday.
Also, women-owned hedge fund manager Quadratic Capital Management will receive an initial investment of $50 million for its global macro fund, which is slated to launch on April 1, said Kirk Sims, investment officer for the emerging managers program, during an investment committee meeting before the board meeting.
Mr. Sims told trustees that an additional investment of up to $50 million might be made within the next year, depending on how well the startup hedge fund performs. Additional investments might also follow within the next two or three years. The investments in the Quadratic fund will be made through TRS’ $906 million emerging managers program.
In private equity, the board made commitments to two Asian-focused funds: RRJ Capital Master Fund III was awarded up to $75 million, and Carlyle Japan Partners III, managed by The Carlyle Group, $30 million.
Two venture capital funds received commitments of up to $50 million each: Institutional Venture Partners XV and New Enterprise Associates XV.
In special opportunities fixed income, trustees accepted the recommendation of Scottie Bevill, senior investment officer fixed income, to commit $50 million to Monroe Capital Private Credit Fund II.
Separately, R. Stanley Rupnik, chief investment officer, introduced trustees to Jose Gonzalez, who joined TRS on Feb. 17 as senior investment analyst-fixed income. Mr. Gonzalez reports to Mr. Bevill, and replaces Robert Jiroutek, who was promoted to risk manager last year.
Mr. Gonzalez was director of investments of the Illinois Funds Program, a $5 billion pooled money market investment fund for local governments, which is administered by the Illinois State Treasurer’s office.