Miramar (Fla.) Firefighters’ Pension Fund hired Intercontinental Real Estate to run a $5 million open-end core-plus real estate portfolio, said William E. Dahab, principal and director of research at Dahab Associates, the $103 million pension fund’s investment consultant.
The pension fund issued an RFP in November for a real estate manager after increasing its real assets target. Funding comes from domestic equity managers; none was terminated. Mr. Dahab had no further information on targets or funding source.
As of Dec. 31, the most recent data available, the pension fund’s actual asset allocation was 40.8% domestic large-cap equity, 13.2% fixed income, 12.3% international equity, 11.9% domestic smidcap equity, 8.3% real assets, 7.7% domestic small-cap equity and 5.8% cash.
As of Dec. 31, targets were: 40% domestic large-cap equity, 25% domestic smidcap equity, 15% international equity and 10% each, fixed income and real assets.