OP&F backs Cortec Group

The pension fund announced a private equity commitment.

Name: Ohio Police & Fire Pension Fund
Headquarters: Columbus, US
AUM: $17.3 billion
Allocation to private equity: 8.95%

Ohio Police & Fire Pension Fund (OP&F) has committed $40 million to Cortec Group‘s latest buyout vehicle, Cortec Group Fund VIII, a spokesman at the pension confirmed.

The fund, which launched this year, invests sectors such as healthcare, business-to-consumer products, business-to-business products and speciality services and distribution in North America.

OP&F’s private markets portfolio is approximately $1.44 billion or 8.3 percent of the total portfolio. The current, interim target for the asset class is 8.5 percent, with a long-term target of 10 percent. The commitment made to Cortec Group brings the total amount committed to private markets in 2023 to $115 million. The objective for the year is between $220 million and $250 million.

OP&F had previously committed $20 million to the predecessor fund. The public pension allocates 8.95 percent of its portfolio to private equity, amounting to $1.55 billion in capital.

The recent commitments from OP&F have focused on buyout, growth equity and debt strategies, focusing on the healthcare, consumer goods, financial services, TMT and business sectors.

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