Ohio Police & Fire boosts real assets holdings with May commitments

  • Ohio Police & Fire committed $30 mln each to Altaris, Glendon
  • Backs open-ended IFM Investors fund for up to $100 mln
  • $15.1 bln pension system has 6.3 pct allocation to private markets

Ohio Police & Fire Pension Fund committed up to $210 million to private market funds at its May 16 meeting, including up to $30 million to Altaris Capital Partners, the retirement system said.

Some $6 million of Ohio Police & Fire’s commitment will go to Altaris Constellation Fund IV, a $200 million co-investment vehicle the firm is raising alongside its flagship fund. The flagship, Altaris Health Partners VI, is targeting $800 million with a $1 billion hard cap, Buyouts reported earlier this week.

The retirement system committed up to $30 million to Glendon Opportunities Fund II, a distressed-debt fund managed by Glendon Capital Management. The firm set a $2 billion target for Fund II, Buyouts reported this year.

Ohio P&F also made commitments to infrastructure and agriculture-focused funds at the meeting, allocating up to $100 million to IFM Global Infrastructure Fund and up to $50 million to ACM Fund II.

The commitment to IFM Investors’ open-ended fund is Ohio P&F’s first allocation to infrastructure through its dedicated real assets portfolio. The retirement system set a 5 percent allocation to the asset class.

ACM Fund II, managed by Agriculture Capital, is targeting $400 million for investments in sustainability-driven agriculture and food investments, according to an SEC filing and the firm’s website. The commitment to ACM Fund II was also made through Ohio Police & Fire’s real assets allocation.

Ohio Police & Fire Pension Fund managed $15.1 billion of assets as of May 16. The retirement system held 6.3 percent of its assets in private markets funds as of March 31.

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