Ohio Police & Fire commits $50m to GTCR

Chicago-based GTCR is targeting $3.25bn for its eleventh fund, which launched earlier this year.

The Ohio Police & Fire Pension Fund has committed $50 million to GTCR Fund XI, according to documents from the system’s August board meeting. 

GTCR is targeting $3.25 billion for Fund XI, according to documents from the Maine Public Employees Retirement System. The fund is expected to hold its initial close in mid-November, and could raise as much as $3.5 billion, according to documents from Ohio Police & Fire. Fund XI will invest in North American mid-market companies in the healthcare, information services, financial services and technology sectors.

GTCR declined to comment.

Ohio Police & Fire committed $35 million to GTCR Fund X in 2010. The fund closed on $3.25 billion in early 2011. Fund X has generated a gross IRR of 20 percent and a net IRR of 10.9 percent as of 31 March 2013, according to performance data from Ohio Police & Fire. All GTCR funds combined have generated gross IRR of 35.6 percent and net IRR of 26.3 percent, according to the pension fund.

Fund X also received commitments from the Maine Public Employees Retirement System, the Alaska Permanent Fund and the Washington State Investment Board, according to Private Equity International’s Research and Analytics division. 

Ohio Police & Fire’s investment portfolio is valued at $13.1 billion as of Tuesday, according to the pension. Its private markets portfolio is valued at $564 million, representing 4.2 percent of its total assets.

Earlier this year, Ohio Police & Fire completed a $60 million re-up commitment to Landmark Equity Partners XV and started a new relationship with Warburg Pincus by investing $55 million in Fund XI.