Chicago Police issues RFP for secondaries PE manager

The US public pension is seeking to invest with an inaugural secondaries private equity manager.

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 has issued an RFP for an inaugural secondaries private equity manager, according to a release on the pension’s website. The mandate in question is estimated to be worth between $25 million and $50 million, with the pension intending on directing its capital towards a single vehicle.

The RFP specifies that any prospective managers must have successfully raised at least three secondaries private equity funds, with the proposed vehicle in question targeting at least $250 million and intending on holding a final close no sooner than April 2020.

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

As illustrated below, Chicago PABF two most recent private equity commitments were both to 2018-vintage funds: $15 million to Lone Star Fund XI and $10 million to Alcentra European Direct Lending Fund III.

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