Palm Beach (Fla.) Retirement System hired Gerding Edlen Investment Management and Westport Capital Partners to run $5 million each in opportunistic real estate, confirmed William Hanes, retirement administrator.
It is the $200 million pension fund's first entry into opportunistic real estate, according to Mr. Hanes.
Investment consultant Segal Rogerscasey conducted an invitation-only search this year following the establishment of a new asset allocation. Funding comes from cash and rebalancing.
Mr. Hanes could not provide further information by press time.