Chattanooga (Tenn.) Fire & Police Pension Fund selected finalists in its searches for agriculture and timber managers each to run $5 million portfolios, said recently released board meeting minutes.
The $225 million pension fund's board at its May 3 meeting named Ceres Partners and UBS Farmland Investors as finalists in the agriculture manager search, and Molpus Woodlands Group and Resource Management Service as finalists in the timber manager search.
The pension fund issued separate RFPs in February following the creation of targets of 5% each to timber and farmland at its July 20 meeting, and made its first commitment in October of $12 million to a timber and farmland fund managed by Hancock Natural Resource Group, both according to previous board meeting minutes. The funding sources could not be immediately learned.
Finalist interviews will take place at a September board meeting; the date could not be immediately learned.
Investment consultant Dahab Associates is assisting.
Katrina Abbott, fund administrator, could not be immediately reached to provide further information.