Chicago Teachers backs value-add Newport Fund III

The $9.7 billion Chicago Teachers' Pension Fund (CTPF) has voted to commit $30 million to Newport Fund III, a value-add fund managed by Chicago-based Newport Capital Partners.

Fund III targets assets generating current yields with upside potential, such as community and neighborhood shopping centers, mixed-use properties, retail and urban developments. An equity fundraising target could not be gleaned at the time of publication.

CTPF previously committed to the fund’s predecessor, Fund II, which is close to ending its investment period, according to an August board meeting document. The commingled Newport Fund II is targeting value-add neighborhood retail and mixed-use properties in densely populated submarkets in the central United States.

CTPF disclosed that its 2020 Pacing Study recommends the pension fund commit up t