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The plan received an education into private credit at its board meeting yesterday and will have further discussions in the fall.
The plan will look to add an open-end fund this year before building out the portfolio with closed-end funds.
The plan has once again reissued its RFP for private markets investment consulting services due to the contract expiration of its incumbent.
The plan made commitments to three existing managers and investments with three developed markets equity managers.
The new firm will continue Denham’s energy resources strategy.
The plan made a change in domestic large-cap growth equity managers last quarter.
He will advise across the firm’s businesses with an emphasis on Blackstone Growth.
She will focus on managing the firm’s collateralized loan obligation portfolios.
The fund will make investments in wind power, carbon capture and other energy transition initiatives.
Over-promised benefits continue to sink Chicago’s finances as the recent bear market eats into 2021 stock market gains. Investments gaining 25% last year plus federal aid didn’t offer much help to city pension systems, which have more debt than 45 states.