Fund of Hedge Funds Institutional Investors

Illinois fund takes first steps into FoHFs, allocates $135m

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The Illinois Student Assistance Commission in Chicago allocated a total of $135 million to three fund of hedge funds managers as part of its initial foray into hedge funds.

The three managers are among 13 hedge fund firms approved to run assets of the $982 million College Illinois Prepaid Tuition Program portfolio. Balestra Spectrum and Pinnacle Natural Resources were assigned $55 million each, while Neuberger Berman's NB Alternative Investment Management got $25 million, according to an Illinois Student Assistance Commission report.

The Commission prequalified 10 additional firms: Sanborn Kilcollin