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Jacksonville Beach pension boards approve $2.5 million commitment to Stockbridge Smart Markets Fund
Summary
The three Jacksonville Beach pension boards voted to commit a collective $2.5 million to the Stockbridge Smart Markets Fund to reduce a roughly $2 million underweight in real estate created by redemptions from a JPMorgan fund; the motion passed by roll call across the boards and staff will complete subscription paperwork and stage capital calls.
The Jacksonville Beach retirement system boards voted to commit $2,500,000 collectively to the Stockbridge Smart Markets Fund during their quarterly meeting, approving a consultant recommendation to begin closing a shortfall in the plan's real‑estate allocation. The motion was made on the floor, seconded, and carried by roll call across the three trustee boards.
Board members and the investment consultant framed the move as a staged, tactical step to restore the system’s target allocation after redemptions from a JPMorgan real‑estate vehicle left the plans about $2.0 million underweight as of Sept. 30. The consultant recommended…
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