Clearwater (Fla.) Employees Pension Fund committed $30 million to IFM Global Infrastructure Fund, managed by IFM Investors, recently released board meeting minutes said.
The $898 million pension fund conducted an invitation-only search earlier this year for its first infrastructure manager to “further diversify the plan’s portfolio,” the minutes said.
Other finalists were J.P. Morgan Asset Management and UBS Asset Management.
Separately, the pension fund terminated EARNEST Partners from a $7 million active international equity portfolio for performance reasons. Assets were split evenly between active international equity managers Thompson Siegel & Walmsley and WCM Investment Management, giving them each about $34 million. The portfolio had already been reduced by $30 million and split evenly between the two managers due to performance concerns.
Patmon Malcom, partner at EARNEST Partners, could not immediately be reached for comment.