The Chicago Laborers and Retirement Board Employees began a search earlier this week for an equity long/short fund of fund. According to reports from Infovest21, the pension fund hopes to diversify its current hedge fund portfolio with the new fund of fund.
The pension lists a number of criteria for the potential fund of fund to have, including “a minimum of two years’ experience in long/short strategy…and a minimum long/short target fund size of at least $150 million,” according to Infovest21. The criteria also including the manager providing historical allocation data and underlying manager holdings.
Chicago Laborers and Retirement Board had $1.4 billion in assets at the end of March. The pension fund allocates $115 million (or 8.2% of assets) to hedge funds. That allocation level represents the fifth largest asset class in the pension’s portfolio.
Learn more about this story from Infovest21.