Institution: Chicago Policemen’s Annuity & Benefits Fund
Headquarters: Chicago, United States
Allocation to alternatives: 10.16%
Chicago Policemen’s Annuity & Benefits Fund approved $50 million-worth of private equity secondaries 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 Chicago Police’s near-half-year search for debut private equity secondaries fund managers, which started with the issuing of an RFP 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, these are the first two commitments ever made to secondaries funds made by Chicago Police following the introduction of the strategy to the pension’s investment portfolio.
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