Municipal Fire and Police Retirement System of Iowa

Municipal Fire and Police Retirement System of Iowa

The Municipal Fire and Police Retirement System of Iowa was created on January 1, 1992, to administer benefits for eligible municipal safety personnel. Dan Cassady has served as Executive Director since 2021. Oversight comes from a board chaired by Marty Pottebaum, with appointments from the Iowa League of Cities and legislative direction from the Iowa General Assembly. The system targets an 18 percent allocation to private equity while holding 25.2 percent in the asset class. It also maintains positions in real estate through vehicles such as J.P. Morgan Real Estate, Long Wharf Real Estate Partners V, and Bain Capital Real Estate Fund III. Infrastructure exposure includes the IFM Global Infrastructure Fund. Geographic reach covers the United States and global markets via managers including HarbourVest Partners and Adams Street. Assets totaled 3436 million USD as of the most recent valuation. The team works with Marquette Associates as investment advisor and Principal Bank as master custodian. A board meeting on October 3, 2024, reviewed performance from IFM, HarbourVest, and Dodge & Cox. Additional relationships include actuarial services from HUB International and legal counsel from BrownWinick. Governance follows Iowa Code Chapter 411, with the board retaining authority over manager selection and asset allocation targets. The structure separates benefit administration from investment execution through external managers and a dedicated investment committee process.