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Chicago Policemen’s Annuity & Benefit Fund (PABF)
The Chicago Policemen’s Annuity & Benefit Fund (PABF) traces its statutory origins to Illinois state law and the City of Chicago's pension funding...
Chicago Policemen’s Annuity & Benefit Fund (PABF)
The Chicago Policemen’s Annuity & Benefit Fund (PABF) traces its statutory origins to Illinois state law and the City of Chicago's pension funding framework. It is governed by an appointed board of trustees elected by active and retired members, with John Lally serving as board president and Kevin Reichart as executive director. The fund's wealth originates from member payroll contributions and employer contributions from the City of Chicago, along with investment returns. PABF's investment strategy spans multiple asset classes including private equity buyouts, real estate, and infrastructure. Known commitments include TA Realty Associates Fund XII for US commercial real estate, TerraCap Partners for commercial properties, Mesirow Capital Partners for mixed-use assets, and infrastructure funds managed by Global Infrastructure Partners (GIP) and Ullico Infrastructure Fund, as well as JLC Infrastructure. The fund primarily targets US-based and global opportunities across these sectors, with a focus on buyout-oriented private equity (per the firm's official communications). The fund is estimated to have total assets in the billions but does not publicly disclose a precise AUM figure. It maintains a lean operational team led by Reichart, supported by a professionally-staffed investment office. PABF is an active member of industry associations including the National Conference on Public Employee Retirement Systems (NCPERS) and the Illinois Public Pension Fund Association (IPPFA), which provide peer benchmarking and advocacy. No recent major organizational changes or leadership transitions have been publicly reported. The structural differentiator of PABF is its status as one of several separate pension funds serving Chicago's uniformed personnel — unlike merged municipal retirement systems in other cities. This arrangement means the fund negotiates its own investment policies and board governance independently from other Chicago public safety pension funds, creating a distinct operational and investment profile within the Illinois public pension landscape.
General information
Firm type
Public Defined Benefit Plan
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Kevin Reichart
Executive Director
John Lally
President of the Board of Trustees
Jeffrey Levine
Vice President of the Board of Trustees
Brian E. Wright
Recording Secretary of the Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at PABF?
Kevin Reichart, as executive director, leads the day-to-day operations of the fund. Investment decisions are guided by the board of trustees, chaired by John Lally, which sets asset allocation policy and approves manager commitments. The board is elected by plan participants, providing member representation (per public record).
Is PABF structured as a single pension fund or does it participate in a consolidated system?
PABF is a standalone public pension fund covering only Chicago police officers, separate from the Chicago Municipal Employees' or Firemen's funds. This structure is codified in Illinois state statutes and gives the fund independent investment authority and governance, though it shares legislative oversight with other Illinois public pension systems.
What investment stages and asset classes does PABF typically target?
PABF invests across private asset classes including private equity buyouts, real estate (commercial and mixed-use), and infrastructure. The fund does not publicly specify stage preferences but has demonstrated commitments to commingled funds from managers such as TA Realty and GIP. Its portfolio appears weighted toward private equity and real assets (per the firm's official communications).
Where does the underlying wealth for PABF come from?
The fund is financed by contributions from active Chicago police officers and the City of Chicago as employer, supplemented by investment returns. It is not a sovereign wealth or endowment fund; its liabilities are tied directly to pension obligations for plan participants.
Does PABF participate in club deals or co-investments?
There is no public evidence that PABF engages in direct co-investments outside of commingled fund vehicles. Its known commitments are to private fund structures, consistent with typical pension fund practice. The fund may participate in side-car vehicles or separate accounts but does not disclose such activity.
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