City of Miami Beach

Executive Director Jose del Risco leads the pension system's operations, with Pension Administrator Rick Rivera handling day-to-day administration. Investment decisions are ultimately governed by the MBERP Board of Trustees, whose meetings and deliberations are subject to Florida's public records and open meetings laws. The board operates under advice from external investment consultants and manages allocations across fund commitments, co-investments, and directly held real estate.

MBERP combines external fund commitments with direct holdings of municipal real estate. Confirmed positions include the JP Morgan Strategic Property Fund and the City of Miami Beach Municipal Real Estate Portfolio, which contains mixed-use properties like Pride Park and the Fillmore Miami Beach grounds. This dual approach gives the fund both diversified GP exposure and direct control over civic assets.

Yes. Because MBERP is embedded within the City of Miami Beach municipal government, its investment committee meetings, board deliberations, and records are governed by Florida's Government-in-the-Sunshine Law. This regulatory posture creates a transparency obligation that few private allocators face, affecting everything from GP due diligence to the timing and disclosure of private-market commitments.

The fund directly holds the City of Miami Beach Art in Public Places Collection as an unusual cultural asset class within its portfolio. Works include "Minna" at Pride Park, "Bent Pool" at Pride Park, "Mermaid" at the Fillmore Miami Beach, and "Starchild" at 41st Street and Pine Tree Drive. This civic-art ownership is not a typical pension fund holding and reflects the city's broader cultural investment strategy.

MBERP participates in co-investment structures as part of its multi-manager strategy, but its relatively small size compared to the Florida State Board of Administration or larger city pension systems means it typically co-invests alongside external GPs rather than leading or forming peer-fund consortia. The fund maintains ties to the Florida Public Pension Trustees Association for governance and educational resources.

MBERP has participated in the Resilient305 partnership, a collaboration with The Miami Foundation under the 100 Resilient Cities initiative. The fund holds global infrastructure positions, and its direct municipal property portfolio in Miami Beach — one of North America's most exposed cities to sea-level rise — adds a physical climate-risk dimension that the board must actively evaluate as part of its fiduciary duty.