LPs

Ohio Police & Fire expands commitment to IFM to $160 mln

-
Ohio Police & Fire Pension Fund, private equity, venture capital, pension fund
  • Ohio P&F lifted real-assets allocation to 8 pct
  • New commitments to GTCR, Primus also approved
  • $15.1 bln system holds 6.4 pct of assets in private markets

Ohio Police & Fire Pension Fund upsized its commitment to IFM Global Infrastructure Fund to $160 million last week. The board had previously approved as much as $100 million for the vehicle in May.

A month after approving the $100 million allocation to IFM Investors’ open-ended fund through its real-assets portfolio, the board voted to increase its target allocation to infrastructure and energy-related assets to 8 percent from 5 percent.

“OP&F agreed to scale the commitment size to reflect changes based on the results of OP&F’s ongoing asset allocation study,” said spokesman David Graham. “OP&F’s asset allocation plan subsequently set the real assets portfolio allocation to 8 percent. To reflect this higher 8 percent target the new IFM commitment size was recommended.”

The $15.1 billion pension system’s recent push into real assets also included an $80 million allocation to Meridiam’s Infrastructure North American Fund III, which it approved at its June meeting. The fund will invest in public-private partnerships in the U.S. and Canada.

In addition to expanding its allocation to IFM, Ohio P&F at its August meeting also approved two commitments to PE, totaling $65 million.

The board approved a $40 million allocation to GTCR’s 12th flagship fund, which is targeting $4.5 billion, Texas Municipal Retirement System documents show. GTCR’s previous fund, which closed on $3.85 billion in 2014, was netting a 14.8 percent internal rate of return as of Dec. 31, Washington State Investment Board documents show.

The retirement system also re-upped up to $25 million to Primus Capital, which is targeting $500 million for its eighth flagship fund, according to an SEC filing. The growth-equity firm invests in healthcare, software/technology and technology-enabled service industries.

Ohio P&F held 6.4 percent of its assets in private-markets funds as of July 31.

Action Item: More on Ohio Police & Fire: www.op-f.org

The Cleveland skyline and Lake Erie at dusk. Photo courtesy Davel5957/iStock/Getty Images