# Policemen's Annuity and Benefit Fund of Chicago

Policemen's Annuity and Benefit Fund of Chicago is a Pension Fund based in Chicago, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, Illinois, United States
- **Founded:** 1887
- **Assets under management:** $3.0-3.5B (Altss estimate)
- **Website:** chipabf.org
- **LinkedIn:** https://www.linkedin.com/company/chicago-policemen%27s-annuity-and-benefit-fund

## Regulatory record

- **Reports private funds:** No

## About

The Policemen's Annuity and Benefit Fund of Chicago traces its origins to 1887, with a statutory restructuring in 1922 that formalized its mission to provide retirement, disability, and survivor benefits to sworn members of the Chicago Police Department. Governed by a Retirement Board of Trustees chaired by John Lally, the fund's ex-officio trustees include City Treasurer Melissa Conyears-Ervin, CFO Jill Jaworski, and Budget Director Annette Guzman, giving the City's finance leadership direct oversight of investment policy. The fund remains a single-employer defined benefit plan, reliant on a combination of member contributions, city tax levies, and investment returns. The fund's private markets portfolio is built on a fund-of-funds and co-investment architecture, targeting buyout, growth equity, venture capital, distressed debt, and secondaries strategies. Real estate commitments form a visible allocation — positions include TA Realty Associates Fund XII, Mesirow Capital Partners Real Estate Fund, and TerraCap Partners, alongside global private real estate debt through Brookfield. Geographic reach spans domestic US alongside global exposures through pooled vehicles, though specific international direct investments are not publicly detailed. Executive Director Kevin Reichart leads the fund's investment operations, though the precise size of the internal investment team is not publicly disclosed. The fund does not have additional offices beyond its Chicago headquarters. While the fund's primary vehicle is the pension plan itself, it participates in a broad manager network — a posture that places it among the more active allocators within the Illinois public pension ecosystem, which includes the Illinois Municipal Retirement Fund and the Teachers' Retirement System of the State of Illinois. No recent, dated operational event beyond recurring board governance activity is publicly verifiable. The fund's structural differentiator is its governance model — municipal finance officials sit ex officio on the Retirement Board, embedding the City's balance-sheet perspective directly into fiduciary decisions. This creates a dual mandate: fulfilling pension obligations while aligning with the City's broader fiscal health. The investment program itself is standard for a mid-sized public pension, relying on external managers rather than in-house direct investment teams, which distinguishes it from larger Canadian or sovereign models that co-invest directly without a fund-of-funds layer.

## Sectors

- Real Estate
- Private Credit
- Secondaries & Special Situations
- Hedge Funds

## People

- John Lally — President of the Retirement Board of Trustees
- Jeffrey Levine — Vice President of the Retirement Board of Trustees
- Melissa Conyears-Ervin — City Treasurer of Chicago and Board Trustee
- Jill Jaworski — Chief Financial Officer of the City of Chicago and Board Trustee
- Kevin Reichart — Executive Director
- Annette Guzman — Budget Director for the City of Chicago and Board Trustee

## Questions

### Who runs investment decisions at the Policemen's Annuity and Benefit Fund of Chicago?

Executive Director Kevin Reichart leads investment operations, reporting to the Retirement Board of Trustees. The Board includes City Treasurer Melissa Conyears-Ervin, CFO Jill Jaworski, and Budget Director Annette Guzman as ex-officio trustees. President John Lally and Vice President Jeffrey Levine serve in appointed roles. This board structure places City fiscal leadership in direct control of investment policy and manager selection.

### How does the fund source its private markets investments?

The fund operates a multi-manager private markets program, committing capital to externally managed funds across buyout, credit, real estate, and venture strategies. It also pursues direct co-investments and secondaries alongside its fund commitments. Known real estate managers include TA Realty, Mesirow, and TerraCap, while Brookfield handles private real estate debt globally.

### How is the fund governed, and what role does the City of Chicago play?

The fund is governed by a Retirement Board of Trustees defined by Illinois law. The Board includes statutory seats for the City Treasurer, the City CFO, and the City Budget Director. This means the City's fiscal officers vote directly on investment policy, linking the pension's health to the City's credit and budget dynamics.

## Related profiles

- [Washington & Lee University Endowment](https://altss.com/profile/washington-and-lee-university-endowment)
- [Missouri Department of Transportation & Patrol Employees' Retirement System](https://altss.com/profile/missouri-department-of-transportation-and-patrol-employees-retirement-system)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/policemens-annuity-and-benefit-fund-of-chicago

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