Miami Beach (Fla.) Firefighters' and Police Officers' Pension Plan committed $40 million to a value-added real estate fund managed by Intercontinental Real Estate, said John McCann, senior consultant at AndCo Consulting, investment consultant for the $836 million pension fund.
The pension fund made the commitment to Intercontinental's U.S. Real Estate Investment Fund following the board's decision to increase the real estate target to 10% from 5% and reduce domestic fixed income to 25% from 30%. Funding will come from a reduction in the fixed-income portion of an Inverness Counsel balanced portfolio. The amount of the total Inverness portfolio as of March 31 was $457 million.
Donna Brito, executive director, could not be immediately reached to provide further information.
