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.
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,264||27||10.34|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||94,721.79||272||8.82%|
|4||Wells Fargo Securities||82,807.12||240||7.71%|