Daley's nephew gets break from Chicago pension funds

The Chicago Sun-Times reports:

When they started their real estate investment company three years ago, Mayor Daley's nephew Robert Vanecko and his partners made a promise to five City of Chicago pension funds they were seeking as investors:

We'll put $7 million of our own money into the deal to show we believe in our high-risk strategy of investing city retirees' pension money in developing inner-city neighborhoods.

That assurance helped the start-up venture known as DV Urban Realty Partners quickly land $68 million from the city pension funds.

But now it turns out that Vanecko and his partners -- Chicago developer Allison S. Davis and his son Jared Davis -- will put in just $3.5 million, half of what they initially promised.

Obama's former boss, Allison Davis.