Jacksonville (Fla.) Police & Fire Pension Fund committed $20 million to Bell Value-Add SM Fund VIII.
The $2.7 billion pension fund's board approved the commitment to the value-added real estate fund managed by Bell Partners at its Nov. 18 meeting, said Timothy H. Johnson, executive director, in an email.
It is the pension fund's fourth non-core real estate commitment since creating a new target of 5% for the asset class in November 2020 following an asset allocation study conducted by investment consultant RVK.
The previous non-core commitments were $8 million to Hammes Partners IV and $25 million to H.I.G. Realty Partners IV, managed by H.I.G. Capital, both approved by the board in 2021, and $25 million to Artemis Real Estate Partners Healthcare Fund II, approved by the board in May.
Investment consultant RVK assisted with all commitments.