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Chicago LABF Consults HFoF Finalists


The Chicago Laborers’ & Retirement Board Employees’ Annuity and Benefit Fund (LABF) were scheduled to meet recently with women-owned hedge fund of fund finalists Pluscios Management and Rock Creek Group, meeting materials indicate.

At its Sept. 18 meeting, trustees for the LABF requested that Evanston, Ill.-based Pluscios and Washington, D.C.-based Rock Creek appear at its next regular Board meeting, which was scheduled for Oct.  25, meeting minutes indicate.

NEPC Senior Consultant Kristin Finney-Cooke reviewed responses for the women-owned hedge fund of fund search prior to the Board decision for finalist interviews, the summary said.

Further information regarding last week’s meeting was not available, as inquiries sent to James Capasso, executive director at the Illinois City fund, were not immediately returned.

Documents made available in July highlighted that the LABF is planning to place about $20 million with a new manager when it is picked. The search, which had a bid deadline of Aug. 9, was said to “provide further diversification to the existing hedge fund investment program.”

As of March 31, the LABF had approximately $55.9 million committed to hedge funds. Targets for the class included 4%, while actual commitments were around 4.1%, its website said.

Previously, in March, the Illinois-based Board “directed” Michael Cairns, a partner and consultant at NEPC, to prepare the search for “women owned hedge fund of funds investment managers,” meeting minutes from the gathering indicate.

Prior to asking its Cambridge, Mass.-based consultant to prepare the RFP, it was noted the fund’s Board decided to pass a motion “to increase the minority, women, and disability owned brokerage goals for domestic equity to 40% and for international equity to 15% for 2012.


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