Chicago pension preps for a new executive director

Later this month, Chuck Burbridge will be leaving the $11 billion Chicago Teachers’ Pension Fund following his resignation last week to become the chief financial officer at the Dekalb County School District in Georgia, where he lived previously. Trustees will be meeting remotely on October 15 to discuss replacing Burbridge, who joined the city pension in 2015. The system, which invests in private equity, real estate and infrastructure, reported strong gains in the second quarter totaling more than 12%, with private equity (-4.76%) and infrastructure (-1.77%) managers setting the overall portfolio back and real estate being less of a detractor with essentially flat performance that amounted to second quarter returns of approximately 122 basis points above the pension’s benchmark as of June 30. Overall, the pension is up only 4.2% for the 12 months through June and continues to battle a funding ratio of 47%. In August, the pension fund’s trustees approved a $30 million allocation to Newport III, which is a renewed commitment to Newport founder Derrick McGavic’s strategy. Going forward another $60 million to non-core real estate investments is expected in order to maintain exposure to the asset class, according to the pension’s 2020 pacing study completed by investment consultant Callan and staff. For now though, trustees will need to focus on replacing their executive director. “On behalf of all of us at CTPF, we thank Executive Director Burbridge for his service and wish him the best of luck in his new endeavor, said board of trustees President Jeffrey Blackwell. “It is our Trustees’ priority to find the best individual to lead CTPF. The leadership team will keep members and employees apprised about transition plans. It is our goal to maintain a stable and effective organization with exemplary customer service for our members. We will share information as soon as it’s available.”

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