Miami Beach Employees makes first infrastructure commitment

Miami Beach (Fla.) Employees’ Retirement System committed $40 million to a core-plus infrastructure fund managed by J.P. Morgan Asset Management (JPM), said Rick Rivera, pension administrator, in an email.

The $537 million pension fund conducted a shortlist search for its first infrastructure investment. Mr. Rivera said funding will take place at the pension fund’s June meeting, likely reducing the holdings of an equity index fund. He did not provide the name of the J.P. Morgan fund.

BlackRock (BLK) was the other finalist. Investment consultant Milliman assisted.