Searches and Hires

Chicago Public School Teachers looking to assign $45 million in private equity

Chicago Public School Teachers' Pension & Retirement Fund is searching for up to three private equity firms that are female- or minority-owned or owned by a person with a disability, said Angela Miller-May, chief investment officer, in an email.

The targeted commitment size is $15 million each for a total of $45 million across the three managers.

The RFP is available on the pension fund's website. Proposals are due by 4:30 p.m. CST on Feb. 16, with finalist presentations tentatively scheduled for March 15 and a hiring decision by June 30.

The search is part of the pension fund's private equity pacing plan for 2018, which was approved at the Jan. 18 board meeting.

Also under the pacing plan, the $9.8 billion pension fund plans to commit $20 million to an emerging markets private equity fund or fund of funds and $20 million to a venture capital fund of funds. RFPs are expected to be issued throughout the year.

Finally, the pension fund will commit an additional $50 million to one of its five existing fund-of-funds managers for a new developed markets large-cap buyout fund of funds.

The pension fund has a 5% private equity target and as of Sept. 30 had a current allocation of 2.61%.

Investment consultant Callan is assisting with the searches and pacing plan.