Chicago transit employees pension fund seeks hedge fund of funds

Chicago Transit Authority Employees Retirement Plan is searching for a low-volatility hedge fund-of-funds manager to run about $30 million, according to an RFI posted on the $1.8 billion pension fund's website.

More than one manager could be hired, but the total allocation will be $30 million, according to the RFP.

Investment consultant Gray & Co. is assisting. The pension fund had an 11% allocation to hedge funds as of June 30, 2011, the most recent information available.

The RFI is available on the pension fund's website. Proposals are due at 3 p.m. CDT July 13. Finalists will be notified Aug. 17. A hiring date was not specified in the RFP.

John Kallianis, executive director of the fund, and Christopher Kuhn, senior consultant at Gray & Co., did not return telephone calls for additional informational by press time.