Chicago Municipal Employees' Annuity & Benefit Fund is searching for at least one mezzanine debt manager to run $75 million, confirmed Michael Walsh, chief investment officer.
The $5.1 billion pension fund recently changed its private equity target allocation to include mezzanine debt, Mr. Walsh said in a telephone interview.
Previously, the pension fund had a target allocation of 10% to traditional private equity investments. The fund now has a target of 5% to traditional private equity and 5% to mezzanine debt.
As of Dec. 31, the actual allocation to private equity was 4%.
Marquette Associates is assisting.
The RFI is posted on the fund's website.
Proposals are due April 30. Interested managers should e-mail [email protected]. Mr. Walsh said the pension fund hopes to make a decision in June.