Firms & Funds

Ohio P&F takes small bite of Veritas Capital’s flagship fund

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police officer, firefighter, cop,
  • AUM: $15.6 bln
  • Private markets allocation: 8.3 pct, target is 8 pct
  • Private markets portfolio: $1.28 bln
  • Whom to contact: CIO Theodore Hall can be reached here: https://bit.ly/2xyIgDj

Ohio Police & Fire Pension Fund backed Veritas Capital’s seventh flagship fund, but it committed less than it did for Fund VI, sticking with its plan to slow its private market commitments this year.

The system committed $20 million to Veritas Capital Fund VII, which is targeting $5 billion. The fund, launched in March, focuses on the North American technology sector.

Ohio Police & Fire previously committed $35 million to Veritas Capital’s sixth fund, which closed on $3.55 billion in 2017.

The commitment to Veritas VII is Ohio P&F’s fourth commitment so far this year, said Ohio P&F spokesman David Graham. The fund plans to make two more commitments this year, he said.

Ohio P&F’s 2019 private equity pacing plan is at $120 million, a 25 percent decrease from last year.

Ohio P&F’s private markets portfolio, valued at $1.28 billion, currently makes up 8.3 percent of its overall portfolio. That is slightly above its target allocation of 8 percent.

About a month before committing to Veritas, Ohio P&F made a $20 million commitment to Stone Point Capital’s Trident VIII, which has a $6.5 billion hard cap.

Action Item: Read the notes from Ohio P&F’s last meeting: https://www.op-f.org/Information/OPFNews/7215.