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.