Illinois Teachers' Retirement System, Springfield, reported investments and commitments totaling up to $1.74 billion to 13 traditional and alternative investment managers during an investment committee meeting on Thursday.
The system's largest aggregate investments/commitments by asset class was $450 million to three existing managers in the $15.8 billion global fixed income portfolio, confirmed David Urbanek, TRS' spokesman, in an email.
TRS investment officers invested $300 million with Garcia Hamilton & Associates for investment in a low-duration fixed-income strategy. The firm manages $302 million for the system.
Locust Point Capital received a $100 million commitment for investment in Locust Point Senior Mortgage Fund. The firm manages $16 million for the system.
TRS investment staff committed $50 million to Sixth Street Mid-Stage Growth Partners. The firm manages $150 million for TRS.
Franklin Templeton was terminated for management of $680 million in a global core-plus fixed income strategy. TRS did not provide reasons for the termination of this strategy and others. Franklin no longer manages assets for the pension fund.
From the system's $10.6 billion private equity/venture capital portfolio, a total of up to $413 million was committed to four existing managers and one new firm.
TSG Consumer Partners, an existing manager, received a $150 million commitment to TSG9. The firm manages $100 million in assets for TRS.
TRS committed $125 million to A&M Capital Partners III. The firm manages $75 million for TRS.
Current venture capital manager Greenspring Associates received $75 million with $50 million for investment in Greenspring IL Special II, a separately managed account, and $25 million to Greenspring IL Master II, a fund of funds, Mr. Urbanek said. Greenspring manages $1.1 billion for TRS.
Apollo Global Management, an existing manager, will receive up to $28 million for investment in Apollo Investment Fund IX. Apollo manages $843 million of TRS assets. Thomas H. Lee Partners, a new manager for the teachers' fund, will invest $35 million to Thomas H. Lee Equity Fund IX.
From the system's $23.6 billion public equity portfolio, TRS invested $400 million in existing manager RhumbLine Advisers' Russell 1000 Growth index strategy. RhumbLine manages $10.2 billion for TRS.
TRS terminated T. Rowe Price for management of $787 million in a U.S. large-cap growth strategy. The firm no longer manages assets for the system.
From the system's $10.7 billion real assets portfolio, TRS officials committed up to $263 million to two existing managers.
Rockpoint Group was awarded a commitment up to $150 million for investment in Rockpoint Real Estate Fund VII. The firm manages $151 million for the system.
Tristan Capital Partners received a commitment of up to €100 million ($113 million) to be invested in Tristan European Property Investors Special Opportunities 6. Tristan manages €51 million for TRS.
From the fund's $5.2 billion diversifying strategies portfolio which includes hedge funds, risk-parity strategies and other alternative strategies, the TRS investment team invested a total of $215 million in two existing managers.
TRS invested $200 million in Bridgewater Associates' All-Weather China fund. Bridgewater manages $101 million for the system. Magnetar Financial received $15 million for investment in Magnetar Capital-Annex A, a co-investment, Mr. Urbanek said in an email. Magnetar manages $158 million for TRS.
Also from the hedge fund portfolio, TRS redeemed all of its $106 million investment in Aspect Capital's Global Macro U.S. Fund. The firm no longer manages assets for the system.
Investment officers of the $66 billion defined benefit plan have discretion over manager commitments and hires and reports them to the board of trustees during meetings.
