Pacific Corporate Group, the private equity firm hit by a wave of staff exits last year, has received a vote of confidence after it was retained as an adviser by one of the US public retirement funds that put it on review following the depatures.

PCG was put on watch by the $39.7bn (€29.4bn) Teachers' Retirement System of Illinois at the end of last year, after just seven months of its contract. The fund advertised for a new private equity adviser, although PCG was allowed to rebid.