Jacksonville (Fla.) City Retirement System committed $25 million to H.I.G. Realty Partners IV.
The $2.8 billion pension fund's board approved the commitment to the non-core real estate fund managed by H.I.G. Capital at its Sept. 23 meeting, said Tom Stadelmaier, pension administrator.
It is the pension fund's first commitment to a real estate fund managed by H.I.G. Capital and its first overall non-core real estate fund commitment since approving commitments to that subasset class in 2019.
As of Aug. 31, the pension fund's actual allocation to real estate was 14.4%; the target is 15%.
Investment consultant RVK assisted.