Searches and Hires

Chicago Laborers allocates $85 million to low-volatility strategy, 2 buyout funds

Chicago Laborers' Annuity & Benefit Fund made new hires and commitments totaling about $85 million.

Recently released meeting minutes show the $1.2 billion pension fund's board at its March 20 meeting approved hiring Lazard Asset Management to run 5% of fund assets, or about $60 million, in its global low-volatility equity strategy, the minutes said. A funding source was not provided.

As of Sept. 30, the pension fund's actual allocation to equities was 57%; the target is 50%.

Separately, the pension fund's board approved commitments of $15 million to Palladium Equity Partners V and $10 million to Levine Leichtman Capital Partners VI, both buyout funds.

As of Sept. 30, the pension fund's actual allocation to private equity was 2.3%; the target is 4%.

Michael Walsh, executive director and chief investment officer, could not be immediately reached to provide further information.