Chicago Public School Teachers' Pension & Retirement Fund issued an RFP on Thursday for managers to run a total of $200 million in commodities.
“As part of our responsible investment strategy we will read through all of the responses to our commodities RFP and therefore will consider hiring multiple managers,” said Carmen Heredia-Lopez, chief investment officer of the $10.2 billion pension fund, in an e-mailed statement.
The pension fund's board hasn't determined the size of the allocation for each manager.
The pension fund has targeted a 2% commodities allocation, its first in the asset class. A funding source could not be learned.
“As part of our thoughtful and strategic asset liability study, we added commodities to the fund's portfolio as a risk reducer and diversifier,” Ms. Heredia-Lopez said.
The RFP is available on the pension fund's website. Proposals are due Aug. 29. The board could make a decision Oct. 23.
Callan Associates, the pension fund's investment consultant, is assisting in the search.