Atlanta General Employees' Pension Fund has added a 5% target allocation to alternatives, according to recently released board meeting minutes.
The board formally adopted the target at its April 2 meeting when Richard Larimer, account executive at GEMGroup, the $1.2 billion pension fund's third-party administrator, notified the board that the pension fund's investment policy had never been changed.
It could no be learned what allocations were trimmed to make room for the new alternatives target.
The pension fund in 2013 committed money to private equity fund GrayCo Alternative Partners II, managed by former investment consultant Gray & Co., and a GLOBALT tactical overlay portfolio, according to the meeting minutes. The sizes of the portfolios could not be learned by press time.
Those were the first alternatives commitments for the pension fund following the signing of a law in April 2012 by Gov. Nathan Deal. The law, which was effective on July 1, 2012, allowed most public retirement systems in Georgia to invest in alternatives.
Douglas I. Strachan, chairman of the board, and Jim Beard, board secretary and city chief financial officer, could not be immediately reached by press time.
