Chicago Municipal Employees Annuity and Benefit Fund hired Marquette Associates as investment consultant, effective immediately. Marquette replaces Becker, Burke Associates, which had been consultant to the $6.5 billion plan for more than two decades, said Terrance Stefanski, Chicago Municipals executive director. A fee hike from Becker Burke prompted the board to start a search, performed by staff, in the fourth quarter. Becker Burke was invited to rebid.
Separately, the fund committed up to $50 million to one of Adams Street Partners private equity funds and $25 million to the Tishman Speyer Real Estate Fund VII, a value-added closed-end real estate fund, pending contractual negotiations. The exact Adams Street fund to receive the commitment has not been determined. Private equity accounts for about 2.8% of total assets; the target allocation is 4%. The plans real estate target allocation is 6%.