Illinois Teachers' Retirement System, Springfield, disclosed $800 million in manager hires and commitments and $933 million in redemptions from diversifying strategies investments, spokeswoman Janelle Gurnsey said.
Within its real assets asset class, the $68.6 billion pension fund committed $250 million to infrastructure fund Stonepeak Infrastructure Fund V.
TRS previously committed $250 million to Stonepeak Infrastructure Fund IV in 2020.
As of Jan. 31, the pension fund's actual allocation to real assets was 18.4%; the interim target is 18%.
Within income, the pension fund committed $200 million to Apollo Asset-Backed Finance Fund, a private credit fund managed by Apollo Global Management, and $125 million to Hudson Northern Shipping Fund V, a direct lending fund managed by Hudson Structured Capital Management.
TRS previously committed $200 million to Apollo Investment Fund X in 2022. There is no record of previous commitments to Hudson Structured Capital Management.
As of Jan. 31, the pension fund's actual allocation to income was 25.6%; the target is 25%.
Within private equity, the pension fund committed €125 million ($135 million) to Eighth Cinven Fund, a European buyout fund, and $40 million to OceanSound Partners Fund II, a technology-focused buyout fund.
TRS previously committed $15 million to OceanSound Partners Fund in 2020. There is no record of previous commitments to Cinven.
TRS also disclosed a $50 million investment in a public equity strategy managed by ARGA Investment Management. Gurnsey could not be immediately reached for further information.
As of Jan. 31, the pension fund's actual allocation to equities was 52.2%; the target is 52%.
Finally, the pension fund announced full redemptions from its $338 million investment in Kirkoswald Global Macro Fund, a global macro hedge fund managed by Kirkoswald Capital Partners; $337 million investment in Capstone Vol (US), a volatility-oriented hedge fund managed by Capstone Investment Advisors; $144 million investment in Bridgewater All Weather China Fund, a risk-parity fund managed by Bridgewater Associates; and $114 million investment in AQR Multi-Strategy Fund XIV, a multistrategy hedge fund managed by AQR Capital Management.
Gurney said in an emailed response to questions that the redemptions were "routine rebalance activity given market conditions and the system's liquidity needs." The pension fund is conducting an asset-liability study, and Stan Rupnik, executive director and chief investment officer, said in a Feb. 22 investment committee meeting that the pension fund is undergoing a "re-evaluation of the diversifying strategies portfolio."
As of Jan. 31, the actual allocation to diversifying strategies was 3.8%; the target is 5%.
All transactions were completed since the pension fund's Dec. 8 board meeting.
