Chicago Laborers' Annuity & Benefit Fund hired Ariel Investments to run $30 million in domestic microcap equity, according to recently released minutes of the April 16 board meeting.
Funding comes from a smidcap value equity portfolio managed by Ariel and a domestic small-cap value portfolio managed by Keeley Asset Management. Ariel managed about $76 million as of June 30 and Keeley, $91 million.
Separately, the board approved directing its investment consultant, NEPC, to draft an RFP for non-core debt real estate, according to the minutes. No further information was provided.
Also, the board committed an additional $5 million to ASB Allegiance Real Estate Fund, a core real estate fund managed by ASB Capital Management. The $1.4 billion pension fund committed $10 million to the fund last May.