Quarterly Joint Pension Board Meeting (8/25/2026)

The City of Jacksonville Beach held its Quarterly Joint Pension Board Meeting on August 25, 2026. The meeting included a detailed presentation by the city attorney on ethics laws and the city’s ethics policy, emphasizing compliance with gift laws, conflicts of interest, and voting requirements for board members. A significant portion of the meeting focused on investment discussions, particularly regarding private equity fund of funds. Two private equity firms, 50 South Capital and Taurus Private Markets, presented their investment strategies, team experience, fee structures, and historical performance. The board discussed the merits of each firm and expressed a preference for committing $3 million to Taurus Private Markets, aiming to establish a 2% target allocation to private equity within the pension fund. The board also approved a motion to rebalance the portfolio by reducing equity exposure and increasing fixed income allocations to maintain target asset allocations. Additionally, the meeting addressed administrative matters such as retirement applications and repayment plans for overpayments. The board agreed to formalize private equity targets in the investment policy statement at a future meeting.