LPs

Ohio Police & Fire boosts real assets holdings with May commitments

-
Cleveland policemen block the street outside the Justice Center following a not guilty verdict for Cleveland police officer Michael Brelo on manslaughter charges in Cleveland, Ohio, May 23, 2015. Brelo was found not guilty on Saturday of voluntary manslaughter in the shooting deaths of an unarmed man and a woman who were killed after a high-speed car chase in 2012. REUTERS/Aaron Josefczyk
  • 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.

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

Cleveland policemen block the street outside the Justice Center following a not guilty verdict for Cleveland police officer Michael Brelo on manslaughter charges in Cleveland, Ohio, May 23, 2015. Brelo was found not guilty of voluntary manslaughter in the shooting deaths of an unarmed man and a woman who were killed after a high-speed car chase in 2012. REUTERS/Aaron Josefczyk