Ohio SERS commits $75m to Odyssey fund, sets launch for private credit focus

The system also set its global private equity asset class target to 12 percent.

School Employees Retirement System of Ohio invested in a fund from Odyssey Investment Partners, according to notes from its May meeting.

The system pledged up to $75 million to Odyssey VI, a middle-market buyout fund that focuses on the business services and industrial sectors. The fund had a final close of $3.25 billion in February, exceeding its $3 billion target, according to sister site Private Equity International.

Founded in 1997 by Paul Barnett, Steven Berger, Bill Hopkins, Brian Kwait and Muzzafar Mirza, Odyssey Investment Partners has raised more than $8.2 billion of private equity capital and is currently investing in over 50 companies, according to its website.

Alaska Permanent Fund, Ohio Police and Fire Pension Fund, Oregon State Treasury have previously donated to Odyssey VI, according to PEI data.

Ohio SERS also announced that its new private credit asset class, which it approved in February, will launch in July. The system set a 5 percent target for its private credit asset class. Ohio also increased its global private equity asset class target from 10 percent to 12 percent, which will build its exposure to the asset class.

As of March 31, Private equity makes up 11.2 percent of Ohio SERS’ portfolio, according to an investment document.