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Ohio Police & Fire backs new Harvest flagship

  • Harvest Partners targets $1.5 bln
  • 2007 vintage nets 20.8 pct, 1.8x
  • Ohio P&F has 5.9 pct allocation to PE

The Ohio Police & Fire Pension Fundcommitted up to $40 million to Harvest Partners’ latest flagship fund at its October 21 meeting, pension spokesman David Graham said in an email.

Harvest Partners set a $1.5 billion target for the fund, which the firm began discussing with LPs earlier this year.

The New York-based middle-market firm invests in consumer and service sector businesses across several industries, including healthcare, manufacturing and distribution.

The firm is led by Senior Managing Directors Thomas ArenzMichael DeFlorioStephen EisensteinIra Kleinman and Jay Wilkins.

Ohio Police & Fire’s $14 billion pension previously committed $25 million to Harvest Partners VI in 2012, according to pension documents. Harvest VI raised $1.125 billion in 2012 and netted a 1.4x multiple through March 31, according to the data provider Bison.

Fund V, an $816 million 2007 vintage fund, produced a 20.8 percent IRR with a 1.8x multiple as of the same date, according to the California Public Employees’ Retirement System.

Harvest is also in the market targeting $400 million for Harvest Partners Structured Capital Fund, which will take non-control stakes in companies via junior debt and structured equity.

Harvest declined to comment.

Ohio Police & Fire had a 5.9 percent allocation to private equity as of October 21, 2.1 percentage points short of its target, according to the statement. The pension valued its PE portfolio at $798 million.

In addition to its commitment to Harvest Partners, Ohio Police & Fire also committed up to 50 million euros ($55.88 million) to PW Real Estate Fund III on October 21. Fund III is an opportunistic real estate fund that will invest in Western European assets.