Chicago Firefighters pension seeks private equity fund-of-funds manager

Firemen’s Annuity & Benefit Fund of Chicago is looking for an investment adviser to manage its private equity fund-of-funds mandate, according to an RFP posted on the system’s website.

The mandate calls for up to $30 million in commitments to be made in over three years but “final commitment amounts” are subject to change if the fund’s pacing or commitment strategy is updated, the document shows.

An adviser should be able to “allocate capital globally to primary funds, including minority-owned managers, to secondary funds and to co-investments,” according to the RFP. “The fund is seeking a platform that is diversified across vintage year, industry sector, geographically and strategy type.”

An eligible adviser should be raising a fund that closes by Dec. 30, 2020, the RFP outlines. The deadline for proposals is Nov. 1 and a selection will be made in January or February of next year.

Chief Investment Officer Lorna Scott did not respond to requests for comment.

As of June 30, private equity makes up 1 percent of the $897 million fund’s portfolio, according to an asset allocation document on the system’s website.