Chicago Municipal Employees’ Annuity and Benefit Fund issued an RFI for a secondary private equity fund of funds to run an unannounced amount, confirmed Jim Mohler, chief investment officer of the $5.1 billion fund.
The fund increased its target private equity allocation to 10% from 3% in the third quarter of 2008, “so we’re working to get closer to that 10%,” Mr. Mohler said.
The RFI, available on the fund’s website, http://www.meabf.org, notes that once the search is completed and all legal documents are executed, the fund will disclose the size of the award, the annual fee structure summary and the key decision factors in the retirement board’s decision.
Neither a deadline for submitting RFIs nor a timeline for selection were specified. Requests should be directed to Marquette Associates, the fund’s investment consultant.
The fund’s asset allocation as of Dec. 31 was 34% domestic equities, 24% fixed income, 22% international equities, 10% hedged equities, 4% real estate and 3% each for private equity and short-term investments. The fund’s target allocation is 25% each for domestic equities and fixed income, 20% international equities and 10% each for hedged equities, real estate and private equity.