Chicago Policemen's Annuity & Benefit Fund is planning to issue an RFP on March 1 for a manager to run a $90 million allocation to active U.S. small- to midcap value equities, said Sam Kunz, chief investment officer.
The smidcap value equity hire will complete the restructuring of the $3 billion fund's equity portfolio, which began in the first quarter last year. Funding for the new manager will come from rebalancing within the equity portfolio, Mr. Kunz said in an interview.
The RFP will be posted on the pension fund's website — www.chipabf.org — and responses will be due March 30.
Separately, the Windy City policemen's defined benefit plan returned 1.1% in 2011 and 5.3% in the fourth quarter, Mr. Kunz said.