Miami Fire Fighters' and Police Officers' Retirement Trust named IFM Investors and J.P. Morgan Asset Management as finalists in its search for a core infrastructure manager.
The $1.6 billion pension fund's board will conduct finalist interviews with the managers at its Feb. 15 meeting, said Dania Orta, administrator.
The search is the result of the pension fund's creation of a new 3% target to core infrastructure, which the board approved in February 2022 following an asset allocation review.
The other changes were an increase in the private debt target to 3% from 2%, the reduction of the U.S. Treasuries target to 5% from 7%, and the elimination of the 2% target to non-core infrastructure.
A specific commitment amount has yet to be determined.
As of Dec. 31, 2022, the most recent data available, the pension fund's actual allocation to non-core infrastructure was 0.7%.
Investment consultant Meketa Investment Group is assisting.
