The $3 billion Chicago Policemen's Annuity & Benefit Fund is preparing for a global macro hedge fund manager, confirmed Sam Kunz, chief investment officer of the city retirement system.
The mandate is expected to total 5% of assets or $150 million. The decision of whether the retirement system will go the direct route or invest via funds of funds has yet to be made. Ennis Knupp is the pension's investment consultant.
The current asset mix at the Chicago Policemen's fund is 48% equity, 25% fixed income and 27% alternatives.