The $31 billion Illinois State Teachers Retirement System is seeking one or two additional distressed debt managers to fill out its 6% allocation to private equity, which is currently only half-filled. John Bauman, executive director at the Springfield, Ill.-based plan, said the plan would seek one or two new distressed debt funds before the end of its fiscal year in June and expects to invest about $40 million with the new managers. "We are probably going to look for funds that target more middle-market debt, but if we saw [another type of distressed] fund come to market that was an exceptional opportunity, we would pursue it," he said. In October, the plan committed $65 million to MatlinPatterson Asset Management's distressed debt fund, dubbed the Global Opportunities Fund II.