Name: State Universities Retirement System of Illinois
Headquarters: Champaign, US
AUM: $22.4 billion
Allocation to alternatives: 22.68%
State Universities Retirement System of Illinois has published its private equity pacing plan for 2023, according to materials from the pension fund’s December 2022 investment committee meeting.
- SURS aims to commit between $375 million and $525 million to private equity funds in 2023. It has set a range of $25 million to $75 million per fund commitment.
- The public pension aims to diversify its private equity investments across strategies, industries, investment managers and vehicles. This includes expanding into special situations opportunities, selective European and Asian funds, and US lower mid-market funds.
- SURS has set a target of 20 percent to be committed to emerging minority, women and disabled-owned funds (MWDB). Since its inception, the pension has committed 32 percent of its total investment capital into MWDB-owned funds.
In 2022, SURS committed approximately $515 million to private equity vehicles. A majority of these commitments focused on North American buyout funds. The public pension’s ticket sizes ranged from $13 million to $50 million per commitment, with an exception of $100 million being committed to Fairview Lincoln Fund I – Series C.
SURS committed to these buyout vehicles in 2022:
- $25 million each to Thoma Bravo Discover Fund IV and Thoma Bravo Fund XV.
- $35 million to Hg Saturn 3 and $13 million to Hg Genesis 10.
- $25 million to Great Hill Equity Partners VIII.
- $25 million to One Equity Partners VIII.
- $50 million to PAI Partners VIII.
- $25 million to Advent International GPE X.
- $50 million to Nordic Capital XI.
- $32.5 million to Rubicon Technology Partners IV.
- $100 million to Fairview Lincoln Fund I – Series C.
SURS committed to these venture and growth equity vehicles in 2022:
- $20 million to Base10 Partners III and $25 million to Base10 Advancement Initiative II.
- $40 million to Oak HC/FT Partners V.
- $25 million to Bregal Sagemount IV.
SURS of Illinois’ private equity portfolio is managed by Aksia, a New York-based investment consultant. On behalf of SURS, Aksia has closed on 40 private equity funds, amounting to $1.2 billion in capital committed.
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