Dallas Police & Fire Pension System allocated $60 million total to two managers, shows a recently released summary of board meeting minutes.
The $2.9 billion pension fund hired Income Research & Management to run an initial $50 million in a short-duration core bond strategy. Funding will largely come from the termination of global bond manager Mondrian Investment Partners, which managed $41 million as of Feb. 29.
In March, the board approved a new 2% target to short-term core bonds.
The reason for Mondrian’s termination could not be learned by press time, although the minutes summary indicated the pension fund is overweight its global bond allocation by 1.8 percentage points.
Separately, the pension fund committed $5 million each to Industry Ventures Secondary VIII and Industry Ventures Partnership Holdings IV.
The pension fund has a 5% private equity target.
Kelly Gottschalk, executive director, could not immediately be reached for additional information.
