The Teachers’ Retirement System (TRS) of Illinois has made a $5-million commitment to Alkemi Growth Capital, an investment firm based in New Delhi, India, that supports minority and women-owned business enterprises. The firm also participates in the TRS Emerging Manager Program.

Alkemi has a mission to elevate the health and wellbeing of Indian customers while maximising returns for its shareholders, according to its website. It is looking for businesses that share the same values and goals to make a contribution to consumer wellness and the healthcare industry.

The firm has backed at least 10 companies, including Southeast Asian telehealth startup Docquity and India’s healthtech company Health Cube. Last year, it also invested in Indian dry fruit and nuts marketplace Farmley; and Doceree, a global network of physician-only platforms for programmatic messaging,

The Teachers’ Retirement System of the State of Illinois is the 42nd largest pension system in the US. It provides retirement, disability, and survivor benefits to teachers, administrators, and other public school personnel employed outside of Chicago. The System serves 439,000 members and had assets of $64.8 billion as of March 31, 2023.

Besides Alkemi, TRS also made investment commitments to a number of organisations in the US, UK, and Australia. The pension fund has also retained RVK, Inc. of Portland, Oregon, as its general investment consultant to help it make prudent money management decisions for its portfolio.