Chicago Laborers’ Annuity & Benefit Fund will search for a non-core opportunistic real estate manager to run $7 million to $10 million, said recently released minutes of the $1.4 billion pension fund’s Oct. 20 board meeting.
The RFP has not yet been posted; it will be available on the pension fund’s website, as well as on the website of NEPC, its consultant.
The funding source was not listed. ASB Capital Management, Capri Capital Partners and Newport Capital Partners are the pension fund’s current real estate managers. Chicago Laborers has an 8% target allocation to real estate.
Separately, the pension fund hired Apex Capital Management to run $30 million in domestic smidcap growth equities, the minutes showed.
The funding source could not be learned.
The pension fund did not have a domestic smidcap growth equity manager; Ariel Investments and Keeley Asset Management currently run domestic smidcap value equity strategies, according to the pension fund’s website. The pension fund has an 8% target allocation to smidcap equities.
NEPC assisted. An RFP was issued in May.
Also at the meeting, Michael Walsh, the pension fund’s executive director and chief investment officer, reported that the contract to rehire NEPC as consultant had been finalized. Its previous contract expired in July. An RFP for an investment consultant was issued in February.
Mr. Walsh could not be reached by press time for further details.