Oklahoma Firefighters Pension and Retirement System, Oklahoma City, committed a total of $70 million to two J.P. Morgan Asset Management (JPM) real estate funds, according to recently released minutes of the July 19 board meeting.
The $1.9 billion pension fund made a first-time commitment of $40 million to J.P. Morgan's Special Situations Property Fund and committed an additional $30 million to the J.P. Morgan Strategic Property Fund. The pension fund had about $60 million invested in the fund as of June 30, 2012.
Separately, the board approved a new asset allocation following a study conducted by investment consultant Bogdahn Group. The new allocation is 49% equity, 18% fixed income, 16% other, 12% real estate and 5% multiasset classes, such as global tactical asset allocation strategies.
The previous allocation was 55% equity, 20% fixed income, 10% long/short equity and 7.5% each real estate and low-volatility hedge funds.
Robert Jones, executive director, did not return a telephone call by press time.