Pompano Beach (Fla.) General Employees' Retirement System's board approved an investment of $7 million in Serenitas Credit Gamma Fund, pending legal review.
The $217 million pension fund's board approved the commitment to the credit hedge fund managed by LMCG Investments at its March 16 meeting, said Madelene L. Klein, executive director, in an email.
At the board's Feb. 16 meeting, investment consultant Southeastern Advisory Services said it had conducted a shortlist search for absolute return/liquid alternatives managers to complement the pension fund's fixed-income managers in order to achieve additional returns, minutes of that meeting show.
As of Dec. 31, the actual allocation to fixed income was 12.6%.
