Illinois Teachers' Retirement System, Springfield reported a total of up to $310 million in commitments to three alternative funds run by existing money managers during an investment committee meeting Tuesday.
Investment officers of the $60.7 billion defined benefit plan have discretion over manager commitments and hires, and reports them to the board of trustees during meetings.
The pension fund's largest commitment was up to $150 million to Macquarie Infrastructure Partners VI from the retirement system's $12.1 billion real assets portfolio. Macquarie Asset Management is an existing manager for TRS and currently manages $417 million.
From the $15 billion global income portfolio, $100 million was committed to existing manager Locust Point Capital's real estate debt fund Locust Point Private Credit Fund III.
Locust Point currently manages $76 million for the pension fund.
Investment officers committed $60 million to venture capital fund Columbia Capital Equity Partners VIII from TRS' $10.2 private equity/venture capital portfolio. Columbia Capital currently manages $24 million for the pension fund.
In other news from the board meeting, TRS staff reported that the defined benefit plan's funding ratio was 43.8% as of June 30, the end of its fiscal year.
That is an increase over the 42.5% figure for the fiscal year ended June 30, 2021, and above the 40.5% funded status as of June 30, 2020, according to a news release Tuesday.
TRS reported that the pension fund's total long-term liability at the end of fiscal year 2022 was $143.5 billion, a 3.3% increase over the prior year.
