Fort Lauderdale (Fla.) General Employees’ Retirement System will soon search for private equity and real estate managers, said David Desmond, the pension fund’s administrator.
The $612 million pension fund will issue RFPs in the coming weeks for private equity and real estate managers to run up to a total of $30 million each, Mr. Desmond said. It would be the pension fund’s first exposure to private equity. American Realty Advisors runs $23 million for the pension fund and RMK Timberland manages $7 million.
RFPs will be issued and investment consultant Dahab Associates will provide trustees with names of managers at the board’s Oct. 1 meeting.
The pension fund is in the midst of an asset allocation study.
Mr. Desmond added there is no guarantee managers will be hired, but the RFP process will give the board an opportunity to learn more about the asset classes.
The RFPs will be posted on Dahab’s website.
Separately, Mr. Desmond said he is retiring from his position as administrator effective Oct. 2. He has been with the pension fund for 15 years. Further information on a search for a replacement has yet to be determined.