Cook County Annuity & Benefit Fund’s board on Thursday approved the hiring of Adelante Capital Management to run $70 million in its total return U.S. REIT strategy, said Fernando Vinzons, investment officer at the $8.9 billion pension fund.
The fund’s investment committee recommended the hiring of Adelante, an emerging manager, on Oct. 30. In September, the committee had tabled Callan Associates’ recommendation to hire Adelante, saying the Chicago-based pension fund’s staff needed time to study the recommendation.
Funding will come from a Russell Investments transitional U.S. REIT index fund. No managers will be terminated.
An RFP was issued in February for emerging or fund-of-funds managers to invest in real estate or real estate investment trusts.