Illinois Teachers’ commits €100 million to private equity

The commitment is a follow-on investment with Rhone Capital

The Teachers’ Retirement System of Illinois has committed €100 million to New York-based Rhone Capital, according to recently released meeting documents. That investment will go to the Rhone Partners V fund.

To date, the pension system is the primary investor in that vehicle, according to Private Equity International’s research and analytics division.

Rhone currently administers $44.1 million in TRS assets within the Private Equity portfolio. Rhone invests in middle market leveraged buyouts, recapitalizations, and partnership financings.

The pension system is also on the hunt for a new private equity consultant. The contract of the system’s current private equity consultant, TorreyCove Capital Partners of LaJolla, California, expires in June of 2015. The total size of the private equity portfolio is approximately $5.1 billion.

The pension is also looking for an emerging markets manager for its international equity portfolio.

The Teachers’ Retirement System of Illinois is the 39th largest pension system in the United States, and manages an approximately $45 billion portfolio as of September, 2014.