Illinois Bets $250M On Four Hedge Funds, Two Private Equity Funds

Feb 25 2011 | 9:08am ET

The Illinois Teachers' Retirement System has made a series of allocations to alternative investment managers.

At its board meeting Thursday, the $34.6 billion public pension voted to invest $50 million each with BlueMountain Capital Management and Claren Road Asset Management. It also moved to invest $25 million each in a pair of emerging managers: Herndon Capital Management, which won an active domestic large-cap equity mandate, and Strategic Global Advisers, which was picked to run an active international all-cap equity portfolio.

The latter two allocations were made from TRS' dedicated emerging managers program, Pensions & Investments reports.

In addition, the Illinois plan invested nearly $100 million in a pair of private equity funds. Oaktree Capital Management will receive $68 million for its European Principal Fund III, while Sofinnova Venture Partners was awarded $30 million for its Fund VIII, a biotechnology and pharmaceuticals vehicle.

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