Chicago Public School Teachers' Pension & Retirement Fund suspended its search for managers to run a total of $200 million in commodities after it selected three finalists as a result of an RFP, said Frances Radencic, the pension fund's director of member and office services.
“However, trustees after having heard the presentations decided they weren't ready to make a decision and they wanted further education on commodities investing,” Ms. Radencic said.
“The board has not given a time frame when the final decision will be made,” Ms. Radencic said in a follow-up e-mail. The search has not been reopened and the decision will be made from the three finalists.”
The board planned to consider hiring multiple managers. The board issued the RFP last July.
The pension fund has a 2% target allocation to commodities, its first in the asset class, to reduce risk and diversify.
Callan Associates, the pension fund's investment consultant, is assisting in the search.