Chicago Public School Teachers' Pension & Retirement Fund hired Pantheon Ventures to manage $25 million in a private equity separate account, said Angela Miller-May, director of investments of the $9.8 billion pension fund, in an email.
"Pantheon will have discretion over the separate account and will target a diversified 'best ideas' portfolio with exposure to Europe, Asia and (the) rest of the world," Ms. Miller-May wrote.
An RFP was not issued in light of the pension fund's commitments to other similar Pantheon funds. The pension fund previously committed $132 million total to six other Pantheon funds.
All three managers were previously put on watch for performance concerns on international equity, domestic all-cap equity and core fixed-income strategies, respectively. Morgan Stanley was also put on watch for brokerage reasons and for organizational changes.
Ms. Miller-May wrote that all three strategies are showing improved performance. Morgan Stanley also is meeting the pension fund's brokerage goals, and has resolved its organizational changes.
The pension fund has approximately $555 million, $141 million and $122 million invested with Morgan Stanley, Channing and strategies, respectively.