Trustees of the $53.5 billion Illinois Teachers' Retirement System, Springfield, approved a search in 2021 for consulting services to assist staff in developing a standardized measurement and evaluation tool for diversity, equity and inclusion opportunities during a board meeting Wednesday conducted remotely.
Jose Gonzalez, investment officer for the system's $724 million emerging managers program, told trustees during the system's investment committee meeting Wednesday that developing a diversity-equity-inclusion measurement tool is "a major initiative of staff" in 2021.
He said his intention is to "expand measurement of diversity" beyond the usual consideration of the percentage of minority or women money management company ownership to include workforce diversity and other factors.
The timing of the search has not been set, TRS spokesman David Urbanek said in an email.
The board also approved an increase in the allocation to the system's emerging manager program to a target of $1 billion from $750 million.
Mr. Gonzalez said he will continue to collaborate with TRS' investment consultants to expand the system's pipeline of potential emerging managers with a particular focus on finding longer-tenured, mature firms.