Illinois Teachers Pours $700M Into Alts
The Teachers’ Retirement System of Illinois has committed $710 million to several alternative funds.
The $68.6 billion pension fund made the largest allocation to real asset funds, committing $250 million to Stonepeak Infrastructure Fund V. The New York-based fund aims to invest $15 billion in digital infrastructure, energy, and transportation.
Apollo received $200 million for its Asset-Backed Finance Fund, a new private lending platform from the global investment firm that aims to provide retail investors with asset-backed loans starting at $2,500. The retirement fund had previously pledged $200 million to Apollo Investment Fund X in 2022.
The pension fund also invested $125 million in Hudson Northern Shipping Fund V; a direct lending vehicle managed by Hudson Structured Capital Management.
Cinven’s eighth private equity buyout fund earned $125 million. Last month, the firm announced the vehicle’s final close after reaching a hard cap of $14.5 billion.
OceanSound Partners raised $40 million for its second technology-focused strategy. The sophomore fund plans to invest $1 billion in controlling stakes in U.S. middle-market software and hardware companies. OceanSound got $15 million for an earlier fund in 2020.
The pension fund’s allocation to real assets was 18.4% as of the end of January. The interim target is 18%.