Trustees of the $2.5 billion Chicago Policemen's Annuity and Benefit fund are considering investments in new funds offered by two existing private credit managers.
During an investment committee meeting Monday, Kevin Leonard, a partner at NEPC and the fund's lead consultant, informed trustees that Crestline Investors and Dorchester Capital Management both are preparing new funds in series that the pension fund previously invested in.
In 2017, the police fund committed $25 million to Dorchester Capital Secondaries Offshore IV, a hedge fund of funds, and committed $20 million to Crestline Opportunity Fund III, a long-only private credit fund.
Mr. Leonard recommended that trustees consider commitments of $10 million to $15 million in Dorchester's fifth credit-oriented hedge fund of funds and Crestline's fourth fund.
Trustees said they need more information about the funds before approving commitments and will discuss them at a future board or investment committee meeting.
