Institutional Investors

Illinois Teachers plans 12 hedge funds


The Teachers Retirement System of Illinois has approved a tactical investment plan for its $1.2 billion absolute return portfolio that calls for the selection of as many as 12 single manager hedge funds over the next two to three years.

The goal at the $34 billion system is to increase the size of the absolute return programme from 2.5% to 5%, or roughly $2 billion. The present portfolio is managed by three outside firms - K2 ($524 million), Grosvenor ($363 million) and Bridgewater ($326 million) - which will continue to administer funds for the pension system, according to