The Board of Trustees of the Illinois Teachers’ Retirement System (TRS), approved investments to several hedge funds including Brevan Howard Asset Management.
During the meeting, the Board of Trustees approved a commitment of up to $150 million investment to Brevan Howard from the $2.85 billion Absolute Return portfolio of the Illinois TRS.
Brevan Howard is one of the largest hedge funds worldwide. It has $27 billion of assets under management (AUM) by the end of March. The hedge fund recorded its first losing year in 2014 since its inception. Its Master Fund recorded a total loss of 0.8% last year.
During the first quarter, Brevan Howard Capital Management disclosed in its 13F filing with the Securities and Exchange Commission (SEC) that equity portfolio in the United States has a market value of $277.10 million, up by $96.90 million.
Illinois TRS investment commitments aside from Brevan Howard
Aside from Brevan Howard, Transtrend B.V. also received a commitment of up to $150 million.
The Board of Trustees also approved a commitment of $100 million to Rockpoint Group for investments in various real estate opportunities in the United States. The investment will come from Real Estate portfolio of the Illinois TRS.
The EQT Services Limited also received a commitment of €100 million for investment opportunities in Europe. The investment will come from the $5.1 billion Private Equity portfolio of the Illinois TRS.
Illinois TRS hired Axiom International Investors
The Illinois TRS hired Axiom International Investors to administer its investments in emerging markets, which are under its International Equity portfolio.
Axiom International Investors was given the mandate to supervise approximately $282 million of the Illinois TRS assets, which accounts 3% of the overall International Equity portfolio.
The Board of Trustees also approved a new five-year contract for TorreyCove Capital Partners as investment advisor for private equity opportunities. The firm’s current contract will expire on June 30.
The TRS Board also issued a request for proposals to begin the search for a private equity advisor.
Andrew J. Hirshman and Cinda J. Klickna were elected by active Illinois TRS members to serve a four-year term on the Board of Trustees. Daniel Winter was also elected by retired Illinois TRS members to a four-year term. The term of the new trustees will start on July 15.