Jacksonville (Fla.) Police & Fire Pension Fund hired Waycross Partners to run $150 million in active domestic large-cap core equities and committed $30 million to Churchill Middle Market Senior Loan Fund V – Levered Evergreen, a direct lending fund managed by Churchill Asset Management.
The $2.8 billion pension fund’s board approved the actions at its Feb. 28 meeting, a summary of the meeting shows.
Funding for the hiring of Waycross Partners will come from a reduction in the pension fund’s investment in a S&P 500 index fund managed by Northern Trust Asset Management, bringing that portfolio’s value down to about $172 million.
As of Dec. 31, the pension fund’s actual allocations to domestic equities and private credit were 41.5% and 6.2%, respectively; their respective targets are 37% and 8%.
Investment consultant RVK assisted.
