Chicago Laborers' Annuity & Benefit Fund might search for a hedge fund manager to run a $30 million portfolio.
The $1.2 billion pension fund's investment consultant Marquette Associates recommended issuing a new RFP because the pension fund was unable to come to contract terms with one of three hedge fund managers the board approved in October 2018, according to recently released Jan. 21 board meeting minutes.
LABF's board voted in October 2018 to make hedge fund investments with Corbin Capital Partners, Symphony Asset Management and Core Capital Management of $30 million, $25 million and $5 million, respectively.
The Jan. 21 minutes did not identify with which manager the board was unable to complete contract negotiations, but according to a list of contracts posted on the pension fund's website, the pension fund agreed to contracts to invest $25 million in the Baycity Long-Short Credit Fund managed by Symphony in 2019, and $5 million in the Core Classic Fund managed by Core Capital in 2018.
Whether the board officially approved the new RFP could not be immediately learned.
Victor Roa, president of the board of trustees, could not be immediately reached to provide further information.
