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Fort Lauderdale makes PE debut with secondaries

The City of Fort Lauderdale General Employees’ Retirement System has made its first investment in private equity by committing $30 million across three secondaries funds.

The City of Fort Lauderdale General Employees’ Retirement System is investing in secondaries – and private equity – for the first time with a $30 million commitment to three funds managed by HarbourVest Partners, Hamilton Lane and Capital Dynamics, a spokesman for the pension fund has confirmed to Secondaries Investor.

The special board of trustees approved three $10 million commitments to each of the secondaries funds, the pension’s 22 October board minutes show.

The pension’s board felt it was too heavily weighted in public equities, and fixed income was not going to provide good enough returns, a spokesman said, adding this is the first time the pension has invested in private equity.

To read more visit www.secondariesinvestor.com.