Policeman’s Annuity and Benefit Fund of Chicago (PABF) is searching for a private markets broker to help it sell and buy stakes on the secondaries market.
The $2.4 billion pension has issued a request for proposal for a broker to help it “advise on a secondary strategy and process”.
PABF’s private equity and venture capital portfolio was worth $156 million as of 31 December 2015, according to its latest annual financial report. It wants a broker to “identify potential buyers and sellers” and to provide “in-depth analysis on asset/portfolio valuation and reserve pricing.” The advisor must have previously executed private markets secondaries transactions in excess of $250 million in each of the last two years.
Brokers must also be able to gather indicative pricing from buyers and sellers, negotiate terms with interested parties and co-ordinate general partner consent and transfer processes, as well as facilitate deal closing, according to the RFP.
Interested firms should submit responses by 1 May.
PABF was established in 1922 to provide retirement benefits to the members of the Chicago Police Department. It has committed at least $133 million to fund of funds, venture capital, growth equity and debt vehicles since 2007, according to PEI data.