Hollywood (Fla.) Employees' Retirement Fund approved a total of $50 million in manager hires and private credit commitments.
The $464 million pension fund's board at its Nov. 16 meeting approved private credit commitments of $20 million each to Marathon Healthcare Finance Fund, managed by Marathon Asset Management and NB Private Debt Fund VI, managed by Neuberger Berman; and the hiring of LM Capital Group to run a $10 million active domestic core-plus fixed-income portfolio, recently released meeting minutes show.
As of Sept. 30, the pension fund's actual allocation to fixed income was 27.6%; the target is 35%.
Investment consultant Segal Marco Advisors assisted.
Christine Bailey, executive director, could not be immediately reached for further information.