Investment firm Morgan Creek Capital Management has reportedly secured a $100m commitment for its latest venture fund of funds from the State of Illinois.
The state’s pension system will serve as an anchor in the pool to be managed by the firm’s new unit Union Grove Partners, said the Buyouts magazine, citing a source.
Morgan Creek, which was launched in 2004 by UNC Management founder Mark Yusko, currently has more than $7bn of assets under management.
Just over a year ago, Morgan Creek hired former investment director of Squadron Capital Advisors Anand Prasanna as a director of its Shanghai branch.
Last month London-based firm Pantheon won the auction for $500m worth of buyout fund stakes being sold by the Teachers’ Retirement System of the State of Illinois.
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