Chicago Policemen's Annuity and Benefit Fund plans to soon conduct searches for private debt and private equity managers, following a review of its pacing plans for the asset classes.
The $2.9 billion pension fund's board at its April 29 meeting approved draft requests for proposals for managers to whom it plans to make commitments of $40 million to a private equity fund with a growth equity, special situations or co-investment focus and $20 million to a private debt, niche lending or opportunistic credit fund.
The board will review the RFPs at its May 27 meeting, said Thomas A. Beyna, president of the board and chairman of the investment committee, in an email.
A timeline for the search has yet to be determined. NEPC is the pension fund's investment consultant and assists with searches.
Separately, the board at its April 29 meeting approved a commitment of $20 million to private debt fund Monroe Capital Private Credit Fund IV. The pension fund previously committed $10 million to Monroe Capital Private Credit Fund III in 2018.
Also, the board approved an additional investment of $5 million with opportunistic credit manager BeachPoint Capital Management, bringing its total investment with the manager to $32 million.
As of Dec. 31, the pension fund's actual allocations to opportunistic credit, private debt and private equity were 4.4%, 2.8% and 1.4%, respectively.