Jacksonville (Fla.) City Retirement System committed up to $20 million to Bell Value-Add SM Fund VIII.
The $2.2 billion pension fund's board approved the commitment to the value-added real estate fund managed by Bell Partners at its Nov. 17 meeting, recently released meeting minutes show.
It is the pension fund's first commitment to a Bell Partners fund.
As of Nov. 30, the pension fund's actual allocation to real estate was 21.9%; the target is 15%.
Investment consultant RVK assisted.
Tom Stadelmaier, pension administrator, could not be immediately reached for further information.