Fort Lauderdale (Fla.) General Employees Retirement System made two new farmland commitments totaling $35 million.
The $721 million pension fund's board approved committing $17.5 million each to AgriVest Farmland Fund, managed by UBS Asset Management, and US Core Farmland Fund, managed by US Agriculture, at its June 8 meeting, recently released meeting minutes show.
The pension fund issued an RFP in January. According to the minutes, the fund does not yet have a dedicated allocation to farmland as an asset class.
Investment consultant Dahab Associates assisted.
Nicholas Schiess, pension administrator, could not be immediately reached for further information.