Illinois Teachers Retirement System (TRS) has fully redeemed a $264 million investment with quantitative hedge fund manager PDT Partners from its $4.3 billion diversifying strategies portfolio, which includes hedge funds and risk-parity strategies.
According to a press release issued following a board meeting in October, the pension fund announced the termination of a total of $1.1 billion in investments across three strategies, as well as $2.6 billion in additional alternative investment commitments and manager hires made between August and October.
TRS made an additional $800 million allocation to three existing managers in its $12.4 billion real assets portfolio – Starwood Capital Group’s Starwood Value Add Fund Management ($300 million), Brookfield Asset Management’s Brookfield Infrastructure Fund V ($300 million), and KKR & Co’s KKR Diversified Core Infrastructure Fund ($800 million).
TRS also announced an additional allocation of $680 million to eight existing PE and VC managers, with the largest commitment of $200 million going to Apollo Global Management’s Apollo Investment Fund X.
