Illinois State Board of Investment, Chicago, committed $60 million to two alternative investment funds, said William R. Atwood, executive director to Pensions & Investments.
ISBI, whose oversight includes $15.8 billion in defined benefits assets, committed $30 million each to Clearlake Capital Partners IV, a private equity fund managed by Clearlake Capital Group, and Oak Street Real Estate Capital Fund III.
Franklin Park Associates, ISBI's private equity consultant, assisted in the search for Clearlake. Courtland Partners, the board's real estate consultant, assisted in the search for Oak Street.
ISBI made the commitments to move its 4% private equity allocation closer to its 5% target and take advantage of Oak Street's real estate debt platform, Mr. Atwood said, adding, “We don't have a great deal of real estate debt.”
In addition, both firms are Hispanic-owned, which “is important to ISBI,” to encourage emerging manager development, Mr. Atwood said.