Firemen’s Annuity & Benefit Fund of Chicago issues RFP for a private equity fund of funds

The US pension is seeking a private equity fund of funds manager.

Institution: Chicago Firemen Annuity & Benefit Fund
Headquarters: Chicago, United States
AUM: $877.20m
Allocation to Alternatives: 1.0%
Bitesize: $5-10m

Chicago Firemen Annuity & Benefit Fund issued an RFP on September 18 for a private equity fund of funds, with an intended investment amount of up to $30 million spread over three years.

The $877 million pension is seeking a platform that is diversified across vintage year, industry sector, geography, and strategy. The pension is only considering advisors “raising a fund with a closing date no later than December 30, 2020.”

Other minimum requirements include that the advisor must have “raised at least $3 billion in previous commingled vehicles,” and that for the current fund they “will be raising at least $500 million.”

The deadline for submission is November 1 2019, with final presentations and selections occurring in January or February of next year.

As illustrated in the charts below, Chicago FABF has a 4.0% target allocation to private equity that currently stands at 1.0 percent.

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