Fort Lauderdale (Fla.) Police & Firefighters' Retirement System committed $20 million to Taurus Private Markets Fund II.
The $1 billion pension fund's board approved the commitment to the private equity fund of funds at its Nov. 9 meeting, said Fred Nesbitt, pension fund spokesman, in an email.
It is the pension fund's first commitment to a Taurus Private Markets fund.
As of Sept. 30, the pension fund's actual allocation to special investments was 13.4%; the target is 20%.
Separately, the board approved adding an additional $30 million to an active domestic large-cap growth equity portfolio managed by Waycross Partners. The board on Aug. 10 had originally approved hiring the manager to run about $25 million.
Funding for the original hiring came from the termination of INTECH Investment Management from its active domestic large-cap core equity portfolio. Mr. Nesbitt had said at the time there were no performance concerns with INTECH's portfolio, but that the board decided it wanted to give its overall domestic equity portfolio more of a growth tilt.
Funding for the additional allocation to Waycross comes from a reduction in a passive domestic large-cap core equity portfolio managed by RhumbLine Advisers, bringing it down to about $74 million.
As of Sept. 30, the actual allocation to domestic equities was 30.8%; the target is 30%.
Investment consultant CAPTRUST Financial Advisors assisted.