US - The Teachers' Retirement System of the State of Illinois (Illinois TRS) plans to hire up to 12 absolute return managers over the next three years as officials move to double its allocation to the asset class.
Officials at the $33.7bn pension plan want to grow the $1.2bn absolute return portfolio to 5% of total investments, the scheme said in a release. The increase was approved at a board meeting yesterday.
Trustees also hired two managers for its $6.8bn international equity portfolio. Aberdeen Asset Management will run $357m while Northern Trust Global Investments will manage $360m. Illinois TRS said the managers replace two from the large-core sector of the portfolio that were terminated over the past 18 months. Officials did not name the managers.
Trustees also voted to funnel over $300m in additional assets to existing real estate managers. Invesco Real Estate and Cornerstone Real Estate each got a $100m boost their portfolios. They currently manage $262m and $332m respectively. KBS Realty Advisors received an additional $72.6m to its $299m portfolio and Lincoln Property Company's $262m portfolio was increased by $50m.
Illinois TRS trustees also "graduated" two money managers from the emerging managers programme. As a result, Fiduciary Management Associates and Lombardia Capital Partners will each manage $180m US small-cap value equity strategies, up from $44m and $39m respectively.
Trustees also approved a $30m investment in JMI Equity Fund VII, a venture capital vehicle targeting firms involving software and internet products, healthcare information technology and business services.
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