At the September 3, 2026, meeting, the Chicago Teachers' Pension Fund (CTPF) Investment Committee approved several actions aimed at maintaining a diversified investment portfolio and supporting long-term investment performance. 

The Committee approved Callan as CTPF's investment consultant under a five-year contract. Following a competitive request for proposals process, three finalist firms presented to the Committee in August 2026. Callan will provide investment consulting services across CTPF's entire portfolio, including public and private market investments. Fund staff will finalize contract documents following the selection. 

The Committee also approved searches for new investment managers in two asset classes. A search for a Domestic Small Cap Value Equity manager will begin following the announcement that Phocas Financial Corporation, which currently manages approximately $138 million for CTPF, will cease investment management operations on September 30, 2026. CTPF staff and Callan plan to transfer the managed assets into a Rhumbline Russell 2000 passive index until a search is concluded, and a replacement is found. 

The Committee also approved a search for an International Small Cap Growth manager as staff evaluate a potential replacement for William Blair's International Small Cap Equity mandate. The mandate, which managed approximately $190 million in assets as of June 30, 2026, was placed on CTPF's Watch List in March 2023 for performance reasons. William Blair will continue to manage the assets while the search process is conducted.