Fort Lauderdale (Fla.) Police & Fire Retirement System will redeem its full $23 million investment from the EnTrust Diversified Fund, a hedge fund of funds managed by EnTrustPermal, said Fred Nesbitt, director of public information.
The $807 million pension fund's board voted on Wednesday to fully redeem from the fund “for multiple reasons,” Mr. Nesbitt said. He would not provide further information. The pension fund will be able to fully redeem from the fund in February and assets will go to cash, he said.
The pension fund still has about $15 million invested in hedge fund of funds EnTrust Special Opportunities III, Mr. Nesbitt said.
Shane Clifford, senior managing director and global head of corporate strategy at EnTrustPermal, could not be immediately reached for comment.
Investment consultant CapTrust Advisors assisted.