Chicago Police confirms $50m in commitments

The US public pension has backed a pair of PE secondaries managers.

Institution: Chicago Policemen’s Annuity & Benefits Fund
Headquarters: Chicago, United States
AUM: $2.60bn
Allocation to alternatives: 10.16%
Bitesize: $10-50m

Chicago Policemen’s Annuity & Benefits Fund approved $50 million-worth of private equity commitments at its February 2020 investment committee meeting, according to recently posted meeting minutes.

The commitments in question comprise of $25 million each to Glendower Secondary Opportunities Fund V and HarbourVest Partners’ Dover Street X fund. These investments mark the culmination of a private equity secondaries fund manager search which Chicago Police initiated in October 2019. Finalists in the search included the two successful aforementioned firms alongside Adams Street Partners, Auldbrass Partners and Coller Capital.

The $2.60 billion US public pension has a 5.0 percent target allocation to private equity that currently stands at 0.66 percent.

As illustrated below, Chicago Police has made four known commitments to private equity funds with vintage years between 2018 and 2020, which combined constitute $75 million.

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