Fort Lauderdale (Fla.) Police & Fire Retirement System committed $20 million to American Strategic Value Realty Fund, an open-end, value-added real estate fund managed by American Realty Advisors, said Fred Nesbitt, director of public information.
The $789 million pension fund made the commitment to further diversify its real estate allocation. As of Sept. 30, the pension fund had $49 million and $29 million in core real estate funds managed by American Realty Advisors and Prudential Real Estate, respectively.
Investment consultant CapTrust Advisors assisted.
