Hollywood (Fla.) Employees Retirement Fund committed $10 million to a global infrastructure fund managed by IFM Investors, recently released board meeting minutes said.
The $275 million pension fund conducted an invitation-only search earlier this year after adding a 2.5% infrastructure target.
The pension fund made its first private equity commitments earlier this year following the creation of a 7.5% target. Targets being reduced are domestic equities to 30% from 37.5% and fixed income to 30% from 32.5%. No managers have been terminated.
Investment consultant Segal Rogerscasey assisted.
Separately, the pension fund rehired Wells Fargo as custodian. The pension fund issued an RFP in January because Wells Fargo’s contract was going to expire on March 31. There were no finalist presentations.
Lisa Castronovo, pension coordinator, did not return a phone call seeking further information by press time.