Illinois Teachers commits $69 mln to Zelnick, Sunstone funds

Up to $24 million to Sunstone Partners II, which focuses on cloud services, cybersecurity and more.

Teachers’ Retirement System of Illinois invested in private equity funds from Sunstone Partners and Zelnick Media Capital at its October meeting, according to a news release on its website.

The board committed up to $24 million to Sunstone Partners II, which focuses on software and technology, particularly cloud services, cybersecurity, healthcare IT and marketing services. The fund closed on Oct. 16 at a $475 million hard cap, according to PE HUB.

Sunstone already manages $19.2 million in Illinois Teachers’ assets, according to the news release.

Illinois Teachers also pledged $45 million to Zelnick Media’s third fund, targeting $750 million. The fund targets the TMT sector in North America. The board’s commitment to ZMC III is its first with Zelnick.

The system’s private equity portfolio sits at $7.24 billion, or 13.7 percent of the Illinois Teacher’s total portfolio, exceeding its target of 12 percent.

Action Item: Check out Teachers’ Retirement System of Illinois’ press release here.