When officers of the Illinois teachers pension system opted to put more than $1 billion under the control of a single financial firm, Grosvenor Capital Management, they touted the arrangement as a step toward greater efficiency: Grosvenor would be entrusted to manage a larger slice of the state’s hedge fund investments, a part of the portfolio that had previously been managed by a competing firm.
But the deal, blessed by Illinois pension officials in late 2013, was distinguished by more than the simple consolidation of two managers into one. Grosvenor is run by Democratic Party financier Michael Sacks, a major campaign contributor to Chicago Mayor Rahm Emanuel and a prodigious fundraiser for President Barack Obama.
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