John Lane has joined the $68 billion
Last summer, the pension fund raised its target allocation to private equity to 10 percent from 5 percent, well above the actual allocation of 4 percent. To reach its goal, the limited partner will likely commit about $2 billion per year to private equity over the next five years, pledging to both new and old relationships, with commitments ranging from $50 million to $300 million each.
As the retirement fund’s chief investment officer, Lane will lead the investment division in carrying out its annual investment plan and long-term investment strategy. About 62 percent of the pension fund’s investments are managed internally. Ohio’s former investment chief Jenny Hom stepped down in May and was later replaced on an interim basis by Richard Shafer.
In terms of strategies, Louis Darmstadter, portfolio manager, private equity said thae pension fund is “evaluating more separate account relationships, which would involve making smaller commitments to more managers in the venture capital, buyout and growth equity areas.”