Sec. 121.116. - Board of Trustees' Investment Authority.

(a) The Board of Trustees is authorized to invest and reinvest the assets of the Pension Fund in any lawful investment as provided in applicable provisions of F.S. §§ 112.661, 175.071, 185.06, and 215.47, and, is further authorized to invest in alternative investments, alternative investment vehicles and portfolio positions, as those terms are defined in this Section. (b) Investments in hedge funds are prohibited. (c) No investment shall be permitted except pursuant to a written investment policy adopted by the Board of Trustees as provided in F.S. Ch. 112, Pt. VII. Prior to the adoption of any change in asset allocation or the introduction of a new asset class, the Board of Trustees shall give ten days' written notice of the meeting at which the proposed change shall be considered to the City Council Finance Committee. (d) For the purposes of this Section, the following terms have the following definitions: (1) "Alternative investment" means an investment by the Board of Trustees in a private equity fund which includes all of the private equity sub-strategies, including venture capital, distressed investing, private debt/mezzanine debt, private real assets/natural resources/energy, venture fund, or distress fund or a direct investment in a portfolio company through an investment manager or general partner. (2) "Alternative investment vehicle" means the limited partnership, limited liability company, or similar legal structure or investment manager through which the Board invests in a portfolio company. (3) "Portfolio company" means a corporation or other issuer, any of whose securities are owned by an alternative investment vehicle or the Board of Trustees and any subsidiary of such corporation or other issuer. (4) "Portfolio positions" means individual investments in portfolio companies which are made by the alternative investment vehicles. (5) "Proprietor" means an alternative investment vehicle, a portfolio company in which the alternative investment vehicle is invested. (e) The Board of Trustees is authorized to make the same investments the General Employee Pension Fund or the Correctional Officers Pension Fund are permitted to make. (Ord. 2015-304-E , § 1)