Overview
The Municipal Employees’ Annuity and Benefit Fund of Chicago (the “Fund” or “MEABF”) hereby issues a request for proposals (“RFP”) from qualified firms (acting in the capacity of a fiduciary to the Fund) that provide Private Equity investment management services. Although subject to modification, MEABF may make commitments to multiple mandates totaling up to approximately $50 million. A firm submitting a complete proposal that complies with the requirements of the RFP shall be referred to as “Respondent” or “Firm” throughout this RFP. Marquette Associates (the “Investment Consultant” or “Consultant”) will assist MEABF with this search.
All forms needed for submitting a response to this RFP are available on the Procurement section of the Fund’s website at: https://www.meabf.org. Respondents to this RFP are responsible for monitoring the Fund’s website for information pertaining to the RFP while the RFP is outstanding. Furthermore, the Q&A document is considered an integral part of the RFP materials. Respondents are expected to review all documents thoroughly prior to submitting their responses.
Background Information
MEABF is a defined benefit, single employer benefit plan that was established in 1921 by an act of the Illinois General Assembly to provide disability and retirement benefits to qualified employees of the City of Chicago and the Chicago Board of Education. The sole purpose of the Fund is to pay benefits to its members, which are funded through a combination of member contributions, contributions by the City of Chicago, and investment earnings. MEABF is a component unit of the City of Chicago, and as such, is included in the City of Chicago’s financial statements as a pension trust fund. MEABF’s net assets total approximately $4.8 billion as of the date of this RFP. The Fund utilizes external investment managers and is diversified across multiple asset classes. More information regarding MEABF can be found by reviewing the Illinois Pension Code (40 ILCS 5/ Article 8) and MEABF’s website at: https://www.meabf.org.
It is the public policy of the State of Illinois to encourage the Fund’s Board of Trustees (the “Board”) to increase the racial, ethnic, and gender diversity of its fiduciaries to the greatest extent feasible within the bounds of financial and fiduciary prudence. In furtherance of the Illinois public policy and the requirements of the Illinois Pension Code, it is the goal of the Board to use its best efforts to increase the racial, ethnic, and gender diversity of its fiduciaries, including its consultants and external investment managers (40 ILCS 5/1-109.1).
Please review the Fund’s Investment Policy Statement included on our website for more information regarding the Fund’s investment portfolio.
RFP Timeline
- Date of Issue: October 10, 2025
- Deadline to Submit Written Questions: October 17, 2025, 5:00PM CDT
- Q&A Document Posted: October 24, 2025
- Final Responses Due: November 10, 2025, 5:00PM CDT
- Potential Interviews: TBD
- Finalist Notified By: TBD
The RFP timeline is subject to change. Any changes to the timeline will be posted on the Fund’s website. Any Respondent failing to submit proposals in the timeline provided above (as same may be amended) will not be considered.
