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Illinois Universities re-ups to its 11th Adams Street fund

  • Fund of funds manages $497 mln of pension assets
  • Bulk of $1 bln PE portfolio is in funds of funds
  • Has been Adams Street backer since 1991

The $16.9 billion retirement system is a longtime investor in Adams Street, having first committed to the fund-of-funds manager in 1991, according to a November investment update. Prior to its recent commitment, Adams Street managed $497 million of the retirement system’s assets across 10 funds.

State Universities Retirement System invested the bulk of its $1 billion private equity portfolio in funds of funds. In addition to Adams Street, the retirement system has also committed to vehicles managed by Pantheon, Muller & Monroe and Fairview Capital Partners.

In 2014, the Board approved a three-year private equity funding plan for the next three calendar years. The retirement system will likely commit $250 million to the asset class in 2015, then $300 million in each of the next two years, according to pension documents.

The State Universities Retirement System had a 5.9 percent allocation to private equity as of Dec. 31, just shy of its 6 percent target, according to a recent investment report.