Chicago Municipal Employees' Annuity & Benefit Fund made two new private equity commitments totaling $40 million.
The $3.4 billion pension fund committed $20 million each to Abbott Secondary Opportunities III, a secondary private equity fund managed by Abbott Capital Management, and HighVista Private Equity X, a lower-middle-market private equity fund managed by HighVista Strategies, said Stephen Wolff, investment officer.
The pension fund had issued an RFP in June for private equity managers that offer small- and middle-market buyout funds, growth equity funds, secondary private equity funds and co-investment funds to bring the pension fund closer to its 4% long-term target to private equity, Wolff said at the time. In his Jan. 22 email, he said the search is still in progress for other strategies.
As of Sept. 30, the actual allocation to private equity was 1.8%.
Investment consultant Marquette Associates assisted.