The Illinois Teachers’ Retirement System is planning a search for a specialty hedge fund consultant, while also upping its investment with K2 Advisors.

The pension’s trustees have authorized the search for the consultant, but have not yet set a timetable, Pensions & Investments reports. The winning bidder would advise on TRS’ absolute return portfolio, which currently stands at $774 million and which has a target allocation of 5% of the fund’s $31.3 billion in assets.

TRS also increased its allocation to K2, a fund of hedge funds manager, by up to $50 million. That would bring K2’s mandate from the pension to nearly $400 million.