Tallahassee (Fla.) Pension Plan made two new timber commitments totaling $45 million, said Kent Olson, the city's deputy treasurer-clerk.
The $1.6 billion pension fund committed $30 million to Stafford International Timberland VIII, a timber fund of funds managed by Stafford Timberland, and $15 million to Molpus Woodlands Fund V, a timber fund managed by Molpus Woodlands Group.
The pension fund's target to timber is 5%; the actual allocation is a little more than 1%, Mr. Olson said. He added it is likely the pension fund will make another timber commitment sometime in the next six months.
Investment consultant Segal Marco Advisors assisted.