Illinois Teachers’ Retirement System To Invest Over $1 Billion In Hedge Funds

Color-logoNew York (HedgeCo.Net) – Illinois had decided to invest in a woman-run global macro strategy hedge fund. The Teachers’ Retirement System Board of Trustees today approved series of investments totaling $905 million, including an initial $50 million commitment through the System’s Emerging Manager Program to Quadratic Capital Management of Greenwich, Connecticut. Quadratic Capital is a partner of
$11.6 billion alternative investment platform Ramius LLC.

“We continue to actively seek out and evaluate money management firms owned by minorities and women to become part of the TRS investment program. Our goal is to ensure that the administration of investments on behalf of our 350,000 members reflects the diverse strengths of the State of Illinois,” said TRS Executive Director Dick Ingram.

With assets of $44.7 billion,  TRS also approved a commitment of up to $300 million within the System’s Real Estate portfolio to The Blackstone Group of New York. Blackstone currently administers $533.8 million in TRS assets.

The initial commitment of $50 million to  included the potential for additional TRS commitments that could total as much as $100 million for investment opportunities in absolute return strategies.

Through the end of calendar year 2014, more than $7 billion, or 16.1 percent of the System’s $44.7 billion in assets, were administered by women or minority owned money management firms. This total exceeded the System’s current goal of 15 percent WMBE participation within the TRS investment program.

Quadratic Capital is led by Managing Partner and Chief Investment Officer Nancy Davis. Ms. Davis spent ten years at Goldman Sachs, including seven as a trader for the proprietary group. She was also a portfolio manager at Highbridge Capital Management, where she managed $500 million of capital, and was the Director of Derivatives at AllianceBernstein.

Alex Akesson
Editor for
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