Chicago Police picks Alcentra for direct lending mandate

The Midwestern pension fund heard presentations from two other direct lending managers and plans to interview five for its opportunistic credit search. The retirement fund has also hired a new CIO.  

The Chicago Police Pension Fund selected Alcentra for its $20 million direct lending mandate at an investment committee meeting on 22 March.

The $2.9 billion pension fund had also interviewed Crescent Capital Group and Maranon Capital for the brief. “All three firms provided excellent presentations of their strategies,” said the pension plan’s board chairman Jim Maloney in an email.

The Chicago pension will hear presentations from five finalists for its $40 million opportunistic credit mandate on 18 April. The finalists are Beach Point Capital Management, GoldenTree Asset Management, Symphony Asset Management, Tricadia Capital Management and Voya Investment Management.

Chicago Police first launched searches for these mandates in October. Consulting firm NEPC has been assisting with manager searches. 

The pension has also hired a new chief investment officer, Aoifinn Devitt, who will start on 5 April. The position has been vacant since November 2014, when the previous CIO, Sam Kunz, moved to head up investments at the University of California. Maloney has been serving as acting CIO since. He will remain the chairman of the board once Devitt starts.

Devitt had founded her own alternatives research and consulting firm, Clontarf Capital, in 2006 and has been working there since. Between 2002 and 2006, Devitt was a specialist consultant at Cambridge Associates in London and Boston.  She has also worked at the investment banking division of Goldman Sachs in London and as a corporate attorney at Debevoise & Plimpton in New York and Hong Kong.