Indiana Teachers Explores Private Equity Fund of Funds

Jan 18 2007 | 10:19am ET

The $5 billion Indiana State Teachers’ Retirement Fund is currently reviewing p.e. fund of funds candidates for a $250 million allocation, according to chief investment officer Bob Newland. The fund, which issued a request for proposal in November, won’t reach a final decision until the end of February.

Newland said the fund has been invested in private equity for five years and wants to expand its allocation to the alternative asset class. “As part of that expansion, we may add another manager,” Newland said.

The fund is currently invested with Darien, Conn.-based Portfolio Advisors, a separate account investment advisory services firm on both a discretionary and non-discretionary basis. “They set up our program for us and invest on our behalf in various partnerships, but it’s not a fund of funds where we give them money and they distribute it according to their discretion. We currently have $338 million committed but have net investments of about $160 million,” Newland said.

The fund also allocates to hedge fund strategies such as Pimco StocksPLUS, which is an absolute return strategy, but has no allocation to traditional fund of hedge funds managers, according to Newland, who said, “we’re looking into that.”

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