Teachers’ Retirement System of the State of Illinois’ (TRS Illinois) search for consultants to support its co-investment activities has ended with the appointment of three firms.

The $51.6bn (€44.6bn) pension fund told IPE Real Assets that it had hired Bard Consulting, ORG Portfolio Management and RCLCO Fund Advisors on five-year contracts.

TRS Illinois previously used ORG and Real Asset Portfolio Management for advice on an ad hoc basis.

The duties will include due diligence reviews on investment opportunities and fund managers.

Co-investments make up $84.6m of the pension fund’s $5.6bn real estate portfolio and are expected to grow in the future.