Illinois Teachers' Retirement System, Springfield, reported a total of up to $1.2 billion in commitments and investments to 11 alternative investment managers during an investment committee meeting on Wednesday.
Investment officers of the $63.9 billion defined benefit plan have discretion over manager commitments and hires and reports them to the board of trustees during meetings.
The system's $15.9 billion global income portfolio had the largest aggregate commitment of $575 million awarded to three existing and one new manager.
Cerberus Capital Management will invest its $150 million allocation through Cerberus 2112 Loan Opportunities Fund. The firm manages $265 million in assets for TRS.
Pacific Investment Management Co.'s PIMCO Commercial Real Estate Debt Fund II also received a $150 million commitment. PIMCO manages $2.1 billion for the teachers' fund.
New manager Sixth Street Partners received a $150 million commitment from the fund for investment in Sixth Street Growth Partners II.
Also from the global income portfolio, TRS committed $125 million to Apollo Revolver Fund II within the system's custom mandate, Apollo Lincoln Fixed Income Fund, managed by Apollo Global Management. Apollo manages $718 million for the system.
A total of up to $305 million was earmarked for five funds managed by existing firms from the system's $10.2 billion private equity/venture capital portfolio.
The largest commitment — up to $150 million — went to Clearlake Capital Partners VII. Clearlake Capital Group manages $508 million for TRS.
The system's private equity team committed $75 million to Ridgemont Equity Partners IV. The firm manages $50 million for the system.
A commitment of $30 million went to LiveOak Venture Partners III. The venture capital manager runs $61 million for TRS.
Silver Lake Partners' Silver Lake Alpine II fund was allotted a $25 million commitment. The firm manages $714 million for the system.
Altaris Capital Partners also received a $25 million commitment to Altaris Health V-4041, a customized fund of one which is linked to TRS' earlier $100 million commitment to Altaris Health Partners V, said Greg Turk, director of investments, in an interview during the meeting. Altaris manages $175 million for the defined benefit plan.
From TRS' $10.1 billion real assets portfolio, up to $125 million was committed to existing manager Macquarie Group for investment in Macquarie Global Infrastructure Fund SCSp. Macquarie manages $155 million for TRS.
TRS invested $150 million with existing hedge fund manager Brevan Howard Asset Management in a new customized fund, Brevan Howard Co-Invest Program-Kankakee SP, from the system's $5.3 billion diversifying strategies portfolio which includes hedge funds and risk-parity strategies. Brevan Howard manages $538 million for the plan.
