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SURS Increases Real Assets Investment, Hires Private Equity Advisor

June 12, 2019 - 15:29
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Champaign, IL - The State Universities Retirement System (SURS) Board of Trustees on June 7 increased the System’s commitment to Dune Real Estate Fund IV from $20 million to $50 million, subject to successful contract negotiations. The additional allocation is the result of an increased real assets allocation and an updated pacing study completed at the end of 2018 by the System’s real asset consultant Callan.

SURS trustees agreed to hire TorreyCove Capital Partners, subject to successful contract negotiations, to serve for the next five years as the System’s discretionary private equity advisor. As of March 31, SURS has approximately $1.3 billion (6.8% of the total fund) invested in private equity. State law requires that contracts for consulting services be no more than five years in length.

In other business, the board continued the process of reviewing and modifying Section VI, portfolio construction and performance benchmarks, of the SURS Investment Policy. These updates align the investment policy language for the principal protection and credit segments of the portfolio to the long-term strategic allocation policy adopted in Sept. 2018.

SURS Increases Real Assets Investment, Hires Private Equity Advisor