Illinois Teachers Retirement System's investment staff informed trustees of up to $2.6 billion in alternative commitments and manager hires from August to October during its Oct. 21 board meeting, according to a news release.
Three strategies totaling $1.1 billion also were terminated, the news release said.
The $60.9 billion Springfield-based pension fund's investment staff has discretion to invest, commit, reduce an investment or terminate money managers.
The largest allocation by asset class was up to $800 million to three existing managers from TRS' $12.4 billion real assets portfolio.
Starwood Capital Group received a commitment of up to $300 million for Starwood Value Add Fund Management. Starwood manages $803 million for TRS.
TRS committed $300 million to Brookfield Infrastructure Fund V, managed by Brookfield Asset Management. The firm manages $215 million for the defined benefit plan.
Up to $200 million was earmarked for KKR Diversified Core Infrastructure Fund, managed by KKR & Co., which manages $200 million for the pension fund.
Within TRS' $10.2 billion private equity/venture capital portfolio, TRS investment officers committed a total of up to $680 million to eight existing managers.
The largest commitment was $200 million to Apollo Global Management's Apollo Investment Fund X. Apollo manages $800 million for TRS.
A $150 million commitment was made to Vista Equity Partners Fund VIII. Vista manages $638 billion for the pension plan.
SK Capital Partners was provided with a $75 million commitment to SKCP Catalyst Fund II. The firm manages $244 million for TRS.
A $65 million commitment went to Bessemer Venture Partners with $50 going to Bessemer Venture Partners XII Institutional and $15 million to BVP Forge I. Bessemer manages $52 million for TRS.
TRS committed $50 million to Insight Partners Opportunities Fund II. Insight manages $166 million for the pension fund.
A commitment of $50 million went to True Ventures VIII fund. The firm manages $47 million for TRS.
Up to $50 million was committed to Scale Venture Partners Fund VIII. The firm manages $99 million for the defined benefit plan.
The TRS investment team committed $40 million to Longitude Capital Management for Longitude Venture Partners V. Longitude manages $155 million for the pension plan.
Within TRS' $15.4 billion income portfolio a total of $675 million in commitments and hires went to three managers.
Finisterre Capital was hired to manage the largest allocation — $400 million — in emerging markets debt. Finisterre is a new manager for TRS.
Existing manager PGIM was hired to run $150 million in emerging markets debt. PGIM manages $2.6 billion for TRS.
Brookfield Asset Management received a commitment of $125 million for Brookfield Infrastructure Debt Fund III.
TRS investment officers terminated TCW Group from a $645 million emerging markets debt strategy within the income portfolio, according to the news release. TCW no longer manages assets for the pension fund.
From the pension fund's $21 billion public equity portfolio, the TRS investment team hired Schroders to manage $475 million in international large-cap equities. Schroders is a new manager for TRS.
TRS terminated Strategic Global Advisors from management of $162 million in international small-cap equities in the portfolio. The firm will continue to manage $463 million in other strategies.
The pension fund fully redeemed $264 million run by PDT Partners, a quantitative hedge fund manager, from the retirement system's $4.3 billion diversifying strategies portfolio, which includes hedge funds and risk-parity strategies.
