Coral Gables (Fla.) Retirement System invested $5 million in Serenitas Credit Gamma Fund.
The $434 million pension fund's board approved the investment in the credit hedge fund managed by LMCG Investments at its Sept. 8 meeting, said Kimberly V. Groome, administrative manager, in an email.
The pension fund has a target allocation of 2.5% to opportunistic fixed income. As of Oct. 31, there were no assets in the asset class.
Investment consultant AndCo Consulting assisted.
