Chicago Public School Teachers' Pension & Retirement Fund committed $35 million total to three private equity firms that are female- or minority-owned, said Angela Miller-May, chief investment officer, in an email.
Minority-owned firms Astra Capital Management and Farol Asset Management were hired to manage $12.5 million each. Female-owned firm Turning Rock Partners was hired to manage $10 million.
RFPs for three private equity firms that are female- or minority-owned were issued in January as part of the pension fund's private equity pacing plan for 2018.
The $9.8 billion pension fund has a 5% private equity target.
Investment consultant Callan assisted with the search.