Ohio Police & Fire bets $85m on private equity

Among the $12.3bn pension’s four commitments was a $30m allocation to Coller Capital’s $5bn sixth fund, which is expected to hold a final close soon.

The Ohio Police & Fire Pension Fund committed $85 million across four private equity funds at its board of trustees meeting Wednesday. 

The $12.3 billion pension’s commitments leave around $115 million for future investment opportunities this year, according to a statement from pension spokesman Dave Graham. 

The pensions largest commitment went to Coller Capital’s sixth international partners fund. Coller received $30 million for Fund VI, which is targeting $5 billion for global secondaries. The fund, which launched last year, had raised at least $772 million as of 27 April 2011 and is expected to hold a final close soon, a source close to the firm told Private Equity International. 

The firm completed its first deal from the fund recently [will link to Porter’s Coller story], acquiring Crédit Agricole Private Equity, which has been renamed Omnes Capital. Omnes is an investor in European SMEs. Specific transaction details weren't disclosed. 

Ohio Police & Fire also committed $25 million to Harvest Partners’ sixth fund, which is targeting $1.1 billion for leveraged buyouts and growth capital investments in North American middle market companies, according to board documents. The fund had raised $835 million as of December, according to US Securities and Exchange Commission documents. 

Harvest typically focuses on investments in the industrial, business services, consumer and retail sectors. The firm’s previous fund, a 2006 vintage, raised $815 million. 

The pension system committed $30 million across a pair of funds raised by Northgate, including $10 million to its fifth fund, which has an unspecified target. The fund of funds will invest in private equity funds that are less than or equal to $1 billion in size. 

Northgate’s sixth VC fund also received a $20 million commitment, which will invest in venture capital funds in the US and other developed markets.

As of 29 February, Ohio Police & Fire had a 3.8 percent allocation to its private markets portfolio on a 7 percent target, according to Graham.