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Pension Funds

2 Florida pension funds nix commitments to buyout fund over fiduciary issue

Two Orlando, Fla., pension funds reversed their decisions to make commitments totaling $20 million to middle-market buyout fund Windjammer Senior Equity Fund V, said Michele Keane, pension coordinator.

The $560 million Orlando Police Pension Fund and $390 million Orlando Firefighters Pension Fund's boards voted earlier this year to commit $12 million and $8 million, respectively, to the fund managed by Windjammer Capital Investors. But Ms. Keane said the private equity manager would not accept fiduciary responsibility, so the boards elected not to proceed with the contract.

Ms. Keane said investment consultant NEPC will present a different buyout fund for consideration, perhaps at the pension funds' December board meetings.