Chicago Public School Teachers' Pension & Retirement Fund plans to issue an RFP next week for a U.S. or global buyout manager, said Angela Miller-May, director of investments, in an email.
The anticipated commitment size is $25 million.
The RFP will be posted on the $9.8 billion pension fund’s website.
A hiring decision is anticipated in the second quarter.
Additionally, the pension fund committed $90 million total to five private equity managers:
- $25 million total to two Adams Street Partners fund of funds — $15 million to Adams Street U.S. Small Market Buyout Fund and $10 million to Adams Street Venture Innovation Fund;
- $20 million to Palladium Equity Partners V, a buyout fund;
- $20 million to ICV Partners IV, a buyout fund;
- $15 million to Hispania Private Equity III, managed by HCP Management; and
- $10 million to HarbourVest Partners’ fund of funds HarbourVest International Private Equity Partners VIII.
The pension fund has previously invested with all five managers in other funds.
Historically, 85% of the pension fund’s private equity portfolio has been invested in funds of funds and the remaining 15% to funds directly. The pension fund is aiming for a 50/50 split in the future, along with a private equity allocation of 5%, up from 3%, Ms. Miller-May said.