Chicago Public School Teachers' Pension & Retirement Fund committed a total of $20 million to two Africa-focused private equity managers, said Angela Miller-May, chief investment officer, in an email.
The $10.8 billion pension fund's board issued an RFP in July. At its meeting Thursday, the board approved a commitment of $10 million to AFIG Fund II, which focuses on the growth equity of sub-Saharan African companies, primarily in Central and West Africa, managed by Advanced Finance & Investment Group.
The board also approved committing $10 million to DPI Funds, managed by Pan-African private equity manager Development Partners International.
As of Oct. 31, the pension fund's actual allocation to private equity was 3.1%; the target is 5%.
Investment consultant Callan assisted.