SURS Loses Money On Salesmen

In Illinois, where Rauner is pushing retirement benefit cuts, the trend is illustrative. There, the $18.9 billion Illinois State Universities Retirement System (SURS) used placement agents for 15.6 percent of its private equity investments -- which then underperformed the pension fund’s other private equity investments by -9.2 percent. The underperformance may have cost the system hundreds of millions of dollars, money could have been used to shore up the plan’s funding.

The SURS declined to comment on the study in response to queries from IBTimes.

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