Chicago Firemen's Annuity & Benefit Fund made three new private equity commitments totaling up to $40 million.
The $884 million pension fund's board approved commitments of up to $20 million and $10 million, respectively, to private equity funds of funds managed by Adams Street Partners and J.P. Morgan Asset Management at its Feb. 19 meeting, recently released minutes show. The fund names could not be immediately learned.
The board on Feb. 19 also approved committing $10 million to Pomona Capital X, a secondary private equity fund of funds.
The pension fund had issued an RFP in September for private equity fund-of-funds managers to run a total of up to $30 million.
As of Dec. 31, the actual allocation to private equity was 1.2%; the target is 4%.
Investment consultant Callan assisted.
Lorna Scott, chief investment officer, and Steve Swanson, executive director, did not reply to requests for further information.