The $1.4 billion City of Miami Police & Fire Retirement Trust will begin searching in January for two additional private equity fund-of-funds managers to handle a total of $24-28 million in primary partnership portfolios.
Robert Nagle, administrator, said the plan hired fund-of-funds firms Coller Capital and Lexington Partners at its board meeting last week to handle $12-15 million each in secondary partnership portfolios. Landmark Partners was the other finalist in the recently completed search. The money will come from a rebalancing of the plan's portfolio.
The investments in private equity are the plan's first. Nagle said the board was looking to diversify and add more alpha and went with private equity because it was looking for equity-type investments, as opposed to fixedincome. The search is being conducted by Milliman and is expected to be completed in by the end of the second quarter.