Nashville (Tenn.) & Davidson County Metropolitan Benefit Board committed $15 million to the Lynx Fund, a hedge fund run by FIS Alternative Investment Strategies, said James Newberry, assistant chief investment officer. Funding came from reducing an active domestic small-cap growth equity portfolio managed by Insight Capital, leaving it with $80 million; the portfolio was overweighted. Officials for the $1.3 billion plan wanted more alternative investments, he said. Segal Advisors assisted.
The funds asset allocation is 46% domestic equity, 11% international equity, 28% fixed income, 5% real estate, 4% cash, 3% emerging markets equity, 2.5% alternative investments and 0.5% private equity.