Chicago Park Employees' Annuity & Benefit Fund will interview finalists over the next four weeks as part of a search for an open-end commingled real estate manager being conducted by Ennis Knupp. Trustees of the $591 million plan added $40 million to its real estate allocation, raising it to 10% of plan assets as part of a plan restructuring, said Joseph Fratto, executive director.
The final phase of plan restructuring will increase the plan's active international equity allocation to 12%, from 7.5%. Current international specialist Wellington Management, which runs $44 million for the plan, will be considered for the additional $27 million assignment but Mr. Fratto said it's more likely that a second international stock manager will be added. No timeframe has been set for the international equity search, although Mr. Fratto said he hopes the fund will be done implementing its new asset allocation plan by summer.
The plan's other new target allocations are 38% U.S. equity, 35% U.S. bonds and 5% private equity. The previous allocation was 45% domestic equity, 45% U.S. bonds, and 5% each in international equity and real estate.