CHICAGO – The $9 billion Illinois State Board of Investment of Chicago has committed a total of $110 million to four private equity funds and will award $50 million to $75 million to two real estate managers this month, said Ron Schmitz, chief investment officer.
The fund awarded $35 million to the INVESCO Venture Capital Fund-of-Funds, $30 million to DLJ Investment Partners, $25 million to the Oaktree Capital Management Distressed Fund and $20 million to Blackstone Mezzanine Partners.
Funding for the commitments comes from a reallocation of assets from incumbent U.S. equity managers; no managers were let go, Schmitz said.
Gary Robertson of Callan Associates, San Francisco, assisted with private equity searches; Terrance Ahern of The Townsend Group, Cleveland, is conducting the real estate searches.
The board allocates 5%, or $450 million, each to private equity and real estate. Schmitz said that he anticipates that the board will approve the real estate awards at its Jan. 21 meeting.