Chicago Laborers' Annuity & Benefit Fund's board approved a commitment to JPMCB Strategic Property Fund, an open-end real estate fund managed by J.P. Morgan Asset Management (JPM), recently released meeting minutes said.
The $1.2 billion pension fund issued an RFP on March 30 for an open-end real estate fund. The size of the commitment was not provided. The pension fund's previous real estate commitment was $10 million to value-added real estate fund Mesirow Financial Real Estate Value Fund III, which was approved by the board in December 2017.
As of March 31, the actual allocation to real estate was 5.6%; the target is 8%.
Investment consultant Marquette Associates assisted.
Michael Walsh, executive director and chief investment officer, could not be immediately reached to provide further information.