The Chicago Teachers’ Pension Fund Board of Trustees Take Several Investment Actions During March Board Meeting

Trustees approved actions that will continue to diversify CTPF’s investment portfolio

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.