Chicago Municipal Employees' Annuity & Benefit Fund is searching for up to two managers to run a total of $190 million in multiasset credit portfolios.
The $4 billion pension fund is seeking managers with separate accounts or commingled investment trusts that provide exposure to opportunistic asset classes "including but not limited to high yield, bank loan, structured credit, securitized credit, emerging markets debt, et cetera, in a diversified manner," according to an RFP posted on the pension fund's website.
Investment-grade credit should comprise "no more than 10-20%" of the selected portfolios, according to the RFP.
As of May 31, the pension fund's actual allocation to opportunistic fixed income was 1.7%.
The RFP is available on the pension fund's website. Proposals are due at 3 p.m. CDT on Aug. 20. A timeline for a selection has yet to be determined.
Investment consultant Marquette Associates is assisting.
Steve Yoon, investment officer, could not be immediately reached for further information.