Chicago Laborers' Annuity & Benefit Fund hired Corbin Capital Partners, Symphony Asset Management and Core Capital Management to run hedged credit portfolios totaling $60 million, recently released board meeting minutes show.
The $1.2 billion pension fund issued an RFP in March. At its Oct. 24 meeting, the board selected Corbin Capital to run $30 million; Symphony, $25 million; and Core, $5 million.
Funding sources were not provided. As of March 31, the pension fund's actual allocation was: 56.7% equities, 20.9% fixed income, 6.9% hedge funds, 5.6% real estate, 5.3% global tactical asset allocation, 2.6% cash/other and 2% private markets.
Investment consultant Marquette Associates assisted.
Michael Walsh, executive director and chief investment officer, did not immediately return a phone call seeking further information.