Chicago Laborers' Annuity & Benefit Fund on Thursday issued an RFP for a manager to run $10 million in a private direct lending strategy.
The $1.4 billion defined benefit fund will only consider U.S. strategies, according to the RFP.
Investment consultant NEPC is assisting. The RFP is available on its website.
Proposals are due at 5 p.m. CDT Sept. 23. A selection date has not been set.
Chicago Laborers has a 3% target allocation to private debt, said Michael Walsh, the pension fund's executive director and chief investment officer. The funding source has not been determined, he said.