Chicago Policemen's Annuity & Benefit Fund selected four finalists for investment of $50 million to $60 million in a U.S. smidcap value equity strategy, said Thomas A. Beyna, president of the board and chairman of the investment committee for the $2.4 billion pension fund, in an email.
The board likely will select one manager during the meeting to run the strategy.
The search is needed to replace Chicago Equity Partners, which managed about $50 million for the defined benefit plan before closing earlier this year.
In other news, Mr. Beyna, also a police officer, said during Thursday's board meeting that trustees approved a motion to liquidate up to $30 million from an international growth equity strategy managed by William Blair Investment management to make benefit payments to retirees in November.
Exactly how much CPABF will need to liquidate "is dependent on receiving future city (of Chicago) contributions," Mr. Beyna said.
William Blair manages $151 million in the international equity strategy for the policemen’s fund.