The Retirement Board of the Chicago Park Employees' Annuity and Benefit Fund (PEABF) has decided to invest in two open-end infrastructure vehicles choosing Industry Funds Management (IFM) and UIlico Investment Company, Inc.

On May 16, the pension fund interviewed three firms, which included JP Morgan's Infrastructure Investments Group, Australia's Industry Funds Management (IFM) Infrastructure, and Washington D.C. based UIlico Investment Company, Inc..

Finally JP Morgan's firm was discarded and the pension fund decided to allocated $10 million to IFM and UIlico Investment Company, Inc. The measure passed in a 3-2 vote at its June meeting.

Investment consultant Marquette Associates assisted the pension fund during the search process.

Previously, the fund had released procurement documents for private open-end infrastructure in February 2013. The RFP said "the Fund anticipates funding the Manager with approximately $20 million, unless more than one manager is selected."