Coral Gables (Fla.) Retirement System committed $10 million to Dover Street XI.
The $446 million pension fund's board approved the commitment to the secondary private equity fund managed by HarbourVest Partners at its May 11 meeting, a webcast of the meeting showed.
It is the pension fund's first private equity commitment. There is currently no target allocation listed for private equity in its most recent investment report.
Investment consultant AndCo Consulting assisted.
Separately, the pension fund's board hired Gabriel Roeder Smith as third-party administrator. Effective July 1, the firm will oversee all benefits administration functions for the pension fund.
Kimberly Groome, pension administrator until June 30, could not be immediately reached for further information.