Illinois State Board taps Perella Weinberg as strategic partner to manage $780 million

Illinois State Board of Investment, Chicago, hired Perella Weinberg Partners to manage a total of $780 million in assets for the board in a strategic partnership, said Marc Levine, chairman of the ISBI board.

Perella Weinberg will have discretion over the management of $430 million in active public markets investments and $350 million in opportunistic credit, Mr. Levine said.

The hiring gives Illinois State Board its third strategic partner. In June, Rock Creek Group, which was a hedge fund-of-funds manager for ISBI, was given discretion over $520 million in opportunistic credit, $400 million in non-core real estate and $380 million in public markets.

Also, Hamilton Lane, which had been ISBI's real estate consultant, was given discretionary authority over $1.2 billion in private equity, $520 million in opportunistic credit and $400 million in non-core real estate.

The board, which oversees $17.2 billion in assets, now has about one-third of its assets with strategic partnerships in alternatives, active public markets, opportunistic credit and non-core real estate, Mr. Levine said. The remaining assets are in passive public markets managed by State Street Global Advisors, Northern Trust and RhumbLine Advisers.

The board manages the assets of the Illinois State Employees' Retirement System, Illinois General Assembly Retirement System and Illinois Judges' Retirement System.