Chicago Teachers Dip Into Hedge Funds

The $11 billion Chicago Public School Teachers Pension & Retirement Fund is making its first foray into hedge funds, via funds of hedge funds.

The fund is looking to commit $300 million to fund of hedge funds managers based on recommendations by its consultant, Mercer. A source familiar with the search said Mercer is presenting a list of multi-strategy fund of hedge funds shops to the pension fund next month.