Chicago Laborers’ Annuity & Benefit Fund will conduct searches this summer for a secondary private equity manager and private debt manager to run $10 million each, said Michael Walsh, executive director and chief investment officer, in an e-mail.
The RFPs come as the $1.4 billion pension fund aims to reach a private equity target allocation of 6%. As of March 31, the actual allocation was 3%. Private debt is included in the private equity allocation.
“The private equity allocation will be to secondaries, which could include (underlying) direct funds and fund-of-funds pieces,” Mr. Walsh said. “The private debt search will be to direct funds.”
The secondary private equity RFP will be available within the next week, he said, and the private debt RFP will likely be available in late August. The RFPs will be posted on the pension fund’s website.
Investment consultant NEPC is assisting.