Chicago Public School Teachers’ Pension & Retirement Fund will soon conduct a search for one to three private equity managers to which it plans to commit a total of $20 million in 2021.
The $11.2 billion pension fund's board on Thursday approved a private equity pacing plan for 2021 that includes one RFP to be issued for emerging or minority-, women- or disabled person-owned private equity managers, said Angela Miller-May, chief investment officer.
The timeline for the RFP has yet to be determined, Ms. Miller-May said.
The pacing plan consists of a total of $125 million in private equity commitments for the year. Along with the RFP for a new MWDBE manager, the board approved five commitments totaling $105 million to new funds by existing managers.
The pension fund committed $25 million each to Aberdeen Venture Partners XII, a venture capital fund of funds managed by Aberdeen Standard Investments; and KKR North America XIII, a large buyout fund managed by KKR & Co.; $20 million each to Mesirow Co-Investment VIII-B, a private equity co-investment fund managed by Mesirow Financial; and New MainStream Fund IV, a middle-market buyout fund managed by NMS Capital; and $15 million to Turning Rock Fund II, a small- and middle-market North American buyout fund managed by Turning Rock Partners.
As of Sept. 30, the actual allocation to private equity was 4.4%; the target is 5%.