Chicago Public School Teachers' Pension & Retirement Fund committed $30 million to Newport Fund III.
The $10.7 billion pension fund's board approved the commitment to the closed-end non-core real estate fund managed by Newport Capital Partners during its remote meeting Thursday.
The pension fund previously made a commitment to Newport Capital Fund II in 2016.
As of June 30, the actual allocation to real estate was 8.7%; the target is 9%.
Investment consultant Callan assisted.
Separately, the board accepted a recommendation by staff and Callan to exit the redemption queue for open-end real estate fund UBS Trumbull Property Fund and accept UBS Asset Management's offer to reduce its fees by 25% with a four-year commitment.
CTPF originally voted in May 2018 to redeem from the fund. The pension fund had $154 million in assets in the fund at that time.
As of June 30, 2019, the most recent data available, CTPF had $79 million in assets in the fund.
