Illinois Teachers' Retirement System, Springfield, approved $349 million in alternatives commitments and $225 million in redemptions from its diversifying strategies portfolio.
Within its private equity portfolio, the $72.2 billion pension fund committed $175 million to Trident X U.S. Fund, a buyout fund managed by Stone Point Capital; $50 million to Stellex Capital Partners III, a distressed debt fund managed by Stellex Capital Management; and $15 million to buyout fund 5th Century Partners Fund II, spokeswoman Janelle Gurnsey said in an email.
Within the pension fund’s $19.5 billion global income portfolio, it committed €100 million ($109 million) to direct lending fund Park Square Capital European Loan Partners II.
The pension fund also announced full redemptions from its $1.7 billion diversifying strategies portfolio, which includes hedge funds and risk-parity funds. It redeemed $160 million from Tilden Park Capital Management's Tilden Park Investment Fund; and made redemptions from hedge fund manager Brevan Howard Asset Management: $34 million from Brevan Howard Special Opportunities Co-Investment Fund II and $31 million from Brevan Howard Special Opportunities Co-Investment Fund I.
Gurnsey said in an email the redemptions were “part of our strategic restructuring of our diversifying strategies portfolio.”
All transactions were completed since the pension fund's Aug. 15 board meeting.
