Coral Gables (Fla.) Retirement System hired Titan Advisors to manage an $18 million hedge fund-of-funds portfolio, pending contract negotiations, said Kimberly Groome, retirement system administrator.
The $352 million pension fund conducted an invitation-only search for its first hedge fund-of-funds manager earlier this year. The other finalists were EnTrust Capital, the backup in case of unsuccessful contract negotiations, and SkyBridge Capital.
Funding will come from real estate, which is currently overweight its 10% target allocation at 13.6%. No managers will be terminated.