Palm Beach Gardens Firefighters Pension Fund

Palm Beach Gardens Firefighters Pension Fund

The plan operates under the sponsorship of the City of Palm Beach Gardens, which acts as the plan sponsor responsible for funding and oversight. Board governance is led by trustees including Lisa Lalonde, Rick Rhodes, and Michael Zingaro, who oversee asset allocation and manager selection for the fund's beneficiaries — active and retired firefighters employed by the city. Investment strategy reflects a traditional public pension framework, with assets distributed across pooled and commingled equity funds, mutual fund equity, and fixed-income vehicles. The fund also holds direct real estate exposure through the American Core Realty Fund and the Intercontinental U.S. Real Estate Investment Fund, both targeting mixed-use properties. There is no publicly disclosed allocation to venture capital, private equity, or direct co-investment structures, distinguishing it from larger, more opportunistic Florida state-level funds. The board participates in the Florida Public Pension Trustees Association, the state-wide educational body that provides fiduciary training and governance best practices for municipal pension trustees. Engagement with FPPTA signals a commitment to continuing education for board members, a common feature among smaller Florida municipal plans navigating increasing actuarial scrutiny and transparency requirements. No recent mandate changes, new consultant hires, or RFP activity have been publicly reported in the last 24 months, suggesting a stable, maintenance-oriented investment posture. Structurally, the fund is notable for what it lacks rather than what it adds: no internal investment staff, no co-investment program, and no separate foundation vehicle. This lean governance model — a volunteer board overseeing external managers and funds — is the standard architecture for Florida's municipal firefighter pensions, creating a distinct operational profile from the state's large, staffed public funds like the Florida State Board of Administration. For GPs and placement agents, the path in runs through the board's consultant relationship, though no current consultant has been publicly identified.