Miami Beach (Fla.) Fire & Police Pension Fund approved three private equity commitments totaling $20 million.
The $1.1 billion pension fund's board approved commitments of $10 million to NB Strategic Co-Investment Partners Fund V, a co-investment fund managed by Neuberger Berman, and $5 million each to Private Equity Core Fund XI, a fund of funds managed by 50 South Capital Advisors, and fund of funds Taurus Private Markets Fund II, at its Sept. 21 meeting, recently released meeting minutes show.
The commitments are the second group of commitments approved since the board created a new private equity target of 3% in July 2022. In September of that year, the board approved commitments of $15 million to 50 South Capital Advisors' Private Equity Core Fund X, and $10 million to Dover Street XI, a secondary private equity fund managed by HarbourVest Partners.
As of June 30, the actual allocation to private equity was 0.2%.
Investment consultant AndCo Consulting assisted.
