TRS Issues RFP For Private Equity Consultant

Dec 21 2006 | 11:57am ET

The $39 billion Teachers' Retirement System of the State of Illinois has issued a request for proposal for a private equity consultant. The move follows the latest round of staff departures from Pacific Corporate Group, the system’s current private equity consultant hired in May 2006.

“TRS is clearly disappointed in the recent events at PCG and the departure of our lead consultant at the firm,” said Stan Rupnik, chief investment officer at TRS. “We want to ensure TRS employs the most capable advisors as it relates to our investment program.”
 
As of Sept. 30, TRS had invested $1.5 billion in p.e., or 4.1% of the total fund. A new asset allocation adopted Dec. 8 by the TRS board of trustees increased the target allocation for private equity from 6% to 8%.

Private equity is among the system’s best performers, with year-to-date investment returns of 27.72% as of Sept. 30. TRS’s private equity portfolio is fully diversified across all subsectors, with commitments made to buy-outs, venture capital, distressed debt and mezzanine financing.

The deadline for the RFP is Jan. 17, 2007, and finalists will be presented to the TRS board of trustees at the Feb. 15 meeting.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.