Ohio Police & Fire Pension Fund backed a fund from Cortec Group at its Sept. 25 meeting, Communications Coordinator Eric Eramo said in an email.
The system committed up to $20 million to Cortec Group Fund VII, which focuses on control investments in the lower middle market in North America. Target information was not available.
Ohio P&F’s 2019 investment plan for private markets recommends six commitments up to $20 million each. The system’s latest investment is its fifth private-markets commitment this year, for a grand total of $100 million, Eramo said in the email.
Other recent private-markets investments include: $20 million in August to Veritas Capital’s seventh flagship fund and $20 million in May to Stone Point Capital’s Trident VIII fund.
In January, the $15.75 billion system decreased its private equity commitment pace by 25 percent, to $120 million a year. The move would help sustain Ohio P&F’s private-markets program at or near its 8 percent target allocation, Active LPs previously reported.
The system’s private markets portfolio makes up 8.5 percent of its total portfolio and is valued at $1.3 billion.