Champaign, IL – The State Universities Retirement System Board of Trustees on April 21 added to the System’s real assets investments by committing $100 million to the IFM Global Infrastructure Fund (GIF), $50 million to Crow Holdings Realty Partners X and $50 million to the Cabot Industrial Value Fund VII, all subject to successful contract negotiations.
The IFM Global Infrastructure Fund is a new investment relationship for SURS. Crow administers $46 million, and Cabot administers $35 million in SURS assets.
Per SURS RFP issued Nov. 1, 2021, the board approved hiring two Long-Volatility/Tail Risk providers. Long Tail Alpha was hired for a tail risk mandate with an initial annual premium spend of 0.3% of total fund assets. One River Asset Management was approved for a long-volatility mandate with an allocation of approximately 1.7% of total fund assets. Both hires are subject to successful contact negotiations. SURS long-duration policy exposure will be reduced from 4% to 2% to coincide with the funding of these strategies.
The strategies fall within SURS Crisis Risk Offset (CRO) asset class. Currently, CRO is comprised of Long Duration, Systematic Trend Following and Alternative Risk Premia strategies.
In Other Board Business
- A revised Defined Benefit Investment Policy was approved. The policy can be found at https://surs.org/wp-content/uploads/policy.pdf.
- The Xponance Market Plus account with assets of $466 million was terminated from SURS Traditional Growth Portfolio. Assets will be reallocated to global equity mandates managed by Ariel and Strategic Global Advisors with each receiving approximately $92 million in additional funding. The remainder of the assets will go to the Rhumbline Passive Wilshire 5000 strategy.
- Also, within the Traditional Growth Portfolio, assets from Rhumbline’s S&P 600 will be reallocated to the Rhumbline Passive Wilshire 5000 strategy.
The State Universities Retirement System of Illinois serves over 240,000 members and 61 employers and oversees $28.1 billion in defined benefit and defined contribution plan assets. The System provides retirement, disability and survivor benefits to state university and community college faculty and staff.