Jacksonville (Fla.) Police & Fire Pension Fund committed $25 million to H.I.G. Realty Partners IV.
The $2.7 billion pension fund's board approved the commitment to the non-core real estate fund managed by H.I.G. Capital at its meeting Tuesday, said Timothy H. Johnson, executive director.
It is the pension fund's first non-core real estate commitment since creating a new target of 5% to the asset class last November following an asset allocation study conducted by investment consultant RVK.
The pension fund also created an 8% target to private credit at the time and eliminated targets of 10% and 3%, respectively, to private equity and master limited partnerships.
RVK assisted with the new commitment.
