Searches and Hires

West Palm Beach Police commits $36 million to 3 private equity managers

West Palm Beach (Fla.) Police Pension Fund committed $12 million each to private equity funds managed by Aberdeen Standard Investments, DuPont Capital Management and J.P. Morgan Asset Management (JPM), said John McCann, senior consultant at AndCo Consulting, investment consultant for the $375 million pension fund, in an email.

The pension fund's board approved Mr. McCann's recommendation to allocate about 10% to private equity at its Feb. 2 meeting. Mr. McCann did not provide information on the funding source or fund names and didn't respond to requests for further information.

As of Dec. 31, the pension fund's actual allocation was 56.7% domestic equities, 14.7% international equities, 14.4% domestic fixed income, 12.4% real estate and 1.8% cash equivalents.

The target allocation as of that date was 52% domestic equities, 22% domestic fixed income, 13% each, international equities and real estate.