Miami Beach (Fla.) Fire & Police Pension Fund approved its first two private equity commitments totaling $25 million.
The $984 million pension fund's board approved commitments of $15 million to Private Equity Core Fund X, a private equity fund of funds managed by 50 South Capital Advisors, and $10 million to Dover Street XI, a secondary private equity fund managed by HarbourVest Partners, at its Sept. 15 meeting, recently released meeting minutes show.
They are the first private equity commitments for the pension fund. The board at its July 21 meeting approved the creation of a new 3% target to private equity, minutes of that meeting show. The minutes said the new target is funded from a reduction of the target to public equities.
Investment consultant AndCo Consulting assisted.
Donna Brito, the pension fund's executive director, could not be immediately reached for further information.
