Chicago Policemen's Annuity & Benefit Fund will search for a manager to run between $50 million and $60 million in a U.S. smidcap value equity strategy, said Thomas A. Beyna, president of the board and chairman of the investment committee for the $2.6 billion pension fund, in an email.
The search is needed to replace Chicago Equity Partners, which managed about $50 million for the defined benefit plan, before closing earlier this year.
Pension fund trustees approved the search during a July 23 combined board/investment committee meeting that was conducted remotely.
Mr. Beyna, also a police officer, said the CPABF has a 6% target allocation to U.S. smidcap equities. William Blair Investment Management currently manages $85 million in a U.S. smidcap growth equities for the pension fund, he said.
The timing of the search has not been set. The RFP will be posted on the pension fund's website when the search is launched.