Jacksonville Police and Fire Pension Fund assigns target allocation to private equity

The Florida-based public pension is now looking to make its first private equity investments.

Institution: Jacksonville Police and Fire Pension Fund
Headquarters: Jacksonville, United States
Total AUM: $2.02bn
Allocation to alternatives: 10.0%
Bitesize: $10-50m

Jacksonville Police and Fire Pension Fund approved new target asset allocations during a recent board meeting. The Florida-based pension now targets a 10 percent allocation to private equity, with marginal decreases in target allocation to domestic equities and fixed income to make room for the change.

The market newcomer is looking forward to making its first commitments to private equity funds. First though, JPFPF will focus on finding a long-term investment consultant to advise during the process. The pension’s current one-year interim consultant, Wilshire Associates, was hired when prior consultant Summit Strategies Group was not able to continue its services to the pension following a merger with Mercer.

The contract with Wilshire expires in November of this year. In the meantime, JPFPF has requested a proposal for a long-term investment consultant contract. The pension hopes that Wilshire will submit a proposal, as the experience of working together with the consultant has been positive.

As illustrated in the charts below, JPFPF currently commits the majority of its assets to equities and fixed income.

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