Mobile (Ala.) Police and Firefighters Retirement Plan committed $6 million to a secondary private equity fund managed by Portfolio Advisors.
The $291 million pension fund's board approved the commitment at its July 27 meeting, said Cody D. Scott, the city's deputy director of pensions. The commitment is pending contract negotiations, he said. Mr. Scott could not provide the fund name.
The pension fund conducted a search with the assistance of investment consultant AndCo Consulting in order to bring alternative investments closer to its 13% target allocation, Mr. Scott said.
Capital Dynamics and HarbourVest Partners were the other finalists that made presentations at the July 27 meeting.
