Miami Beach (Fla.) Fire & Police Pension Fund approved three new non-core real estate commitments totaling $18 million.
The $1.2 billion pension fund's board at its July 21 meeting approved commitments of $8 million to value-added real estate fund Artemis Real Estate Partners Fund IV; and $5 million each to Affiliated Housing Impact Fund, an evergreen real estate fund managed by Affiliated Development that invests in multifamily affordable housing in South Florida; and TerraCap Partners V, a value-added real estate fund managed by TerraCap Management, said Frank Estevez, assistant director.
The commitments are the first to non-core funds; to date, the pension fund has made commitments solely to core funds.
As of March 31, the pension fund's actual allocation to real estate was 16.7%.
Investment consultant AndCo Consulting assisted.
