Chicago Teachers’ Pension Fund Joins Leading Institutional Investors to Urge Securities & Exchange Commission to Take Action to Strengthen Fiduciary Protections for Investors in the Private Equity Market
Board of Trustees approves ILPA letter to SEC
March 12 (Chicago, IL) – The Chicago Teachers’ Pension Fund (CTPF) Board of Trustees unanimously agreed to support weighing in on the U.S. Securities & Exchange Commission’s (SEC) ongoing effort to issue a comprehensive interpretation of the fiduciary duties that investment advisers owe to their clients. CTPF has joined nearly three dozen leading institutional investors by signing on to a letter from the Institutional Limited Partners Association (ILPA). The letter outlines concrete examples of the steps the SEC can take to ensure that the fiduciary duties are meaningful, transparent, and free from conflict of interest in the private equity industry.
CTPF Executive Director Chuck Burbridge stated, “We invest in private equity because more often than not, it outperforms other asset classes and offers a responsible way to diversify a portfolio. The challenge to fiduciary protections that investors are facing in the private equity asset class, and the actions the commission can take to safeguard investors’ confidence in the marketplace, are being met with resistance. This can be alleviated if the SEC puts fair and efficient policies, procedures, and protections in place. We are demanding stronger oversight and more stringent standards for the private equity advisers as it is our fiduciary responsibility to guarantee that our investments are transparent, and controls are in place to protect our members’ hard-earned dollars.”
CTPF is a member of ILPA. The organization engages, empowers, and connects limited partners to maximize their performance on an individual, institutional, and collective basis. With approximately 500 member institutions representing over $2 trillion USD of invested capital in private equity, ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy, and networking.