Miami Beach Fire & Police Adds Private Equity & Non-Core Real Estate

The Miami Beach Fire and Police Pension Fund have added non-core real estate and private equity to the Fund’s asset allocation.

The pension’s consultant, AndCo, recommended a 2% allocation to non-core real estate coming from fixed income, and a 3% allocation to private equity coming from equities. The target allocation to fixed income and equities prior to adding non-core real estate and private equity was 23% and 54% respectively.

AndCo recommended a $10 million commitment to secondaries fund, HarbourVest Dover Street XI and a $15 million commitment to fund of funds strategy, 50 South Private Equity Core Fund X.

Portfolio Advisors Private Equity Fund XI and JP Morgan Global Private Equity XI were also considered for the private equity allocation.

AndCo also recommended commitments to three value-added real estate funds including a $5 million commitment to Affiliated Housing Impact Fund, $5 million to TerraCap Partners V, and $8 million to Artemis Real Estate Partners Fund IV.

Angelo Gordon Realty Value Fund XI was also considered for the non-core real estate allocation.

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