Miami-Dade County Employees' Retirement Plan

The Miami-Dade County Employees’ Retirement Plan is the defined benefit pension system serving employees of Miami-Dade County, Florida. With approximately $4 billion in total assets under management, the plan provides retirement security for county workers, including active members, retirees, and beneficiaries across one of the most populous counties in the United States.

Investment Strategy

The Miami-Dade County Employees’ Retirement Plan maintains a diversified investment portfolio designed to achieve its long-term actuarial return target while managing risk. The asset allocation spans public equity, fixed income, real estate, and alternative investments. The Board of Trustees sets the investment policy and strategic allocation framework, informed by periodic asset-liability studies.

Public equity allocations include domestic and international stocks, managed through a combination of active and passive strategies. Fixed income provides stability and income generation through government bonds, investment-grade credit, and other instruments. The plan has developed an alternatives allocation to enhance diversification and improve the risk-return profile of the overall portfolio.

The plan’s investment philosophy emphasizes diversification, discipline, and cost-effective implementation. External investment consultants support the board in evaluating asset allocation decisions and manager selection.

Private Markets Approach

The plan invests in private equity through limited partnership fund commitments, with exposure to buyout, growth equity, and other institutional strategies. The system targets diversified exposure across vintage years and fund types, working with established general partners.

Real estate investments provide income, inflation protection, and diversification through commingled fund vehicles. The plan evaluates real estate across core and value-add strategies that complement the public markets portfolio.

Fund managers approaching the Miami-Dade County retirement plan should expect an evaluation process that covers investment strategy, performance track record, team stability, and fee terms. The Board of Trustees reviews and approves new commitments following analysis by staff and external consultants. The plan values transparent reporting, alignment of interest, and managers who demonstrate consistent execution across market environments.