The $54.2 billion Illinois Teachers' Retirement System, Springfield, will begin a search soon for private equity co-investment advisers.
During a Feb. 28 meeting of the investment committee, CIO R. Stanley Rupnik said the contracts of the four existing co-investment advisers will expire June 30 and need to be rebid.
The existing private equity co-investment advisers can rebid, said fund spokesman David Urbanek. They are CBRE Caledon Capital Management, Mercer, Stout Risius Ross and TorreyCove Capital Partners, which was acquired by Aksia.
The preliminary value of the fund's private equity portfolio was $6.2 billion as of Dec. 31, a manager chart showed. TRS had co-investments with an aggregate market value of $300 million managed by nine private equity managers as of the same date.
Mr. Urbanek said the posting date of the RFP on the system's website has not been set.