Chicago Municipal Employees' Annuity & Benefit Fund placed direct lending manager Angelo, Gordon & Co. on watch for organizational reasons.
The $3.7 billion pension fund's board placed the manager on watch at its June 27 meeting following the announcement of TPG's acquisition of the firm, said Stephen Wolff, investment officer, in an email.
TPG and Angelo Gordon announced the planned $2.7 billion cash and equity transaction on May 15.
The pension fund originally committed up to $40 million to AG Direct Lending Fund V in 2022 following the creation of a 4% target allocation to private debt. As of June 30, the pension fund had $14 million invested in the fund.
As of June 30, the pension fund's actual allocation to private debt was 1.7%.
Investment consultant Marquette Associates assisted.