Chicago Laborers' Annuity & Benefit Fund hired Neuberger Berman to run $50 million in a volatility risk premium portfolio.
The $1 billion pension fund's board approved the investment in the manager's U.S. Equity Index PutWrite strategy at a March 11 special meeting, recently released meeting minutes show.
The pension fund issued an RFP in October for volatility risk premium managers. According to the meeting minutes, the other finalists were DGV Solutions, Gladius Capital Management and Parametric Portfolio Associates.
The board also approved a commitment of $10 million to value-added real estate fund Mesirow Financial Real Estate Value Fund IV at the March 11 meeting.
The pension fund previously committed $10 million to Mesirow Financial Real Estate Value Fund III in 2018.
Tina Consola, executive director, could not be immediately reached for further information.
