The Illinois Teachers’ Retirement System has added almost a billion dollars to its alternative investments portfolio.
The $43.6 billion public pension approved $325 million in mandates to two hedge funds and a further $185 million to four private-equity funds. TRS also committed up to $400 million to real estate investments.
Alphadyne Asset Management’s Global Rates fund will get $200 million and Varadero Capital’s International Fund $125 million. The former could get an additional $50 million and the latter $75 million with the approval of TRS investment committee chairwoman Cynthia O’Neill.
The private equity mandates went to Black River Asset Management’s Food Fund II, JMI Equity, Vista Equity Partners’ credit fund and Shasta Ventures. Black River received up to $75 million, JMI $50 million, Vista $40 million and Shasta $20 million.
Most of the $400 million in real estate commitments went to Starwood Capital Group. Of the toal, up to $100 million will go to the Carlyle Group’s Realty Partners VII fund.