The $120 million City of Fairfax (Va.) Retirement Plan has tapped Putnam Investments and GMO for its maiden alternatives allocation, which was made at the beginning of the month. It will invest $12 million each in the Putnam Total Return Trust and GMO Real Return Global Balance Fund. The two firms were chosen for their portfolios’ risk/return profiles, track record and the board’s comfort level with the people presenting. Fairfax is also already invested with GMO for international equity. NEPC, the plan’s consultant, assisted with the search.