At their December 14, 2023, meeting, the Chicago Teachers’ Pension Fund (CTPF) Board of Trustees approved a $10 million investment with Farol Asset Management Fund III (FAM III).  

FAM III is targeting $225 million with plans to make 8 to 12 platform investments. Farol Asset Management, an MWBE firm, formed FAM III to continue its strategy of making equity co-investments alongside diverse next-generation managers. (Of the 29 investments Farol has made, 27 investments were led by MWBE firms). With a specific focus on lower middle market companies in niche industries with sustainable competitive advantages, Farol’s top 3 invested industries are in business services, manufacturing, and software.  

Farol Asset Management enhances diversification in CTPF Private Equity portfolio. CTPF previously committed $12.5 million to Farol Fund II in 2018.