Illinois Teachers Retirement System's investment staff informed trustees of up to $730 million in commitments made to six alternative investment funds between December to February during a Thursdayboard meeting.
The $63.3 billion Springfield-based pension fund's investment staff has discretion to invest with and commit to money managers.
The largest aggregate commitment by asset class was $500 million to the system's $15.3 billion global income portfolio, split evenly between two credit managers. It committed $250 million each to Oaktree Route 55 Multistrategy Fund, managed by Oaktree Capital Management, and Ares Multi-Credit Fund (IL), managed by Ares Management.
Both are funds of one created exclusively for the defined benefit plan, confirmed a TRS spokesman.
Oaktree manages $567 million in other strategies for TRS. Ares is a new manager for the plan.
As of Dec. 31, TRS' total income portfolio accounted for 24.1% of plan assets compared to the system's long-term allocation of 26%.
From the system's $10.6 billion private equity portfolio, a total of $180 million was committed to three managers.
ArchiMed, a new manager for TRS, was awarded €65 million ($70 million) for investment in ArchiMed MED Platform II, which is focused on the global development of the health-care industry.
Existing manager StepStone Group received a commitment of $60 million to StepStone VC Wabash Fund, a venture capital fund.
StepStone manages $1.1 billion for TRS.
New manager Greenbriar Equity Group received a commitment of $50 million to Greenbriar Equity Fund VI, which will seek investment globally in supply chain, business services and advanced manufacturing industries.
TRS' private equity portfolio accounted for 16.7% of plan assets as of Dec. 31 compared to 15% for the fund's long-term target.
Elion Partners, another new manager, was added to TRS' $12.3 billion real assets portfolio, with a commitment of up to $50 million.
Elion Partners is a Latin-owned infrastructure firm and also is part of TRS' $679 million emerging manager program.
TRS' real assets portfolio accounted for 19.4% of plan assets as of Dec. 31 vs. 18% for the system's long-term target.
