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The rebrand marks the completion of Performance Equity Management’s integration into Sagard’s global middle market private equity platform.
The hire concludes a global search following the retirement of the pension’s last cio.
The retirement system replaced one of its domestic large-cap value equity managers due to concerns about succession planning.
The selected firm will manage the retirement plan’s entire balanced portfolio.
The selected firm’s responsibilities will include investment management and consulting services in addition to financial wellness consulting.
Markets are due for a correction in 2026 after three consecutive years of double-digit returns on most indexes, with a new study finding many institutions are favoring active strategies.
Jones joined the $79.2 billion Teachers’ Retirement System of Illinois as its deputy cio in 2023 following a tenure at general investment consultant Meketa Investment Group as a managing principal and consultant.
The plan will target $750 million with up to 11 funds next year.
Watch our webinar discussing the real estate market with Eliza Bailey of Belay Investment Group.
Wallace reflects on the lessons of rebalancing the portfolio amidst collapsing markets during March 2020, the challenge of scaling alternative strategies at $50 billion, and why the rise of passive investing may paradoxically create opportunities for fundamental investors. He draws on wisdom from his mentor David Swensen’s emphasis on first-principles thinking, the importance of relationships as well as rigorous quantitative work, and the courage required to stand alone when your analysis demands it.