Pompano Beach (Fla.) General Employees Retirement System invested $5 million in Radcliffe Ultra Short Duration Master Fund.
The $254 million pension fund's board approved the investment in the ultrashort fixed-income fund managed by Radcliffe Capital Management at its July 18 meeting, said Madelene Klein, executive director.
It is the pension fund's first investment with Radcliffe. Funding will come from cash, Ms. Klein said.
As of March 31, the pension fund's actual allocation to fixed income was 11.8%; the target is 10%.
Investment consultant Southeastern Advisory Services assisted.