At their March 21, 2024, meeting, the Chicago Teachers’ Pension Fund (CTPF) Board of Trustees approved the 2025 Private Equity Pacing Study and a $50 million allocation to private equity in 2024 and the Investment Committee’s recommendation to invest $30 million with Heitman Value Partners Fund VI (HVP VI).  

In 2024, the Private Equity Pacing Study maintains a 5% target allocation, with up to $50 million available for investment across existing and potential new managers. This includes $40 million for three to five MWDBE Private Equity managers and $10 million for a Developed Venture Capital Fund-of-Fund manager. No timeline has been set for these investments.  

During their February 27, 2024, meeting the Investment Committee recommended CTPF invest $30 million with HVP VI. HVP VI, a Chicago-based real estate manager, is targeting $1.75 billion with a hard cap of $2 billion.  Previously, CTPF committed $35 million each to Heitman Value Funds IV (2017) and V (2021). The Board accepted this recommendation and approved this investment.  

During the meeting, the Investment staff proposed a $10 million investment in the KKR Ascendant Fund. CTPF has existing investments in two KKR private equity funds: KKR Americas Fund XII (2017 vintage) and XIII (2021 vintage). The Board declined to make this investment.