Ohio Police & Fire commits €43 million to Rhône Partners V

Rhône is still in market with the vehicle, which is targeting just €1.8 billion

The Ohio Police & Fire Pension Fund has approved a €43 million commitment to Rhône Partners V.

The fund will focus on mid-market businesses in North America and Europe and will invest in carve-outs, management buyouts and recapitalizations.

Rhône closed its previous fund in 2011 on €1.13 billion. Known investors in that fund include the Oregon Public Employees Retirement Fund.

To date, the pension portfolio is valued at $14.3 billion. At its most recent meeting the pension approved a new private markets investment plan for 2015, which calls for targeting aggregate capital commitments of $325 million through January 2016.

According to a statement from spokesman Dave Graham, the Rhône V commitment is a part of the 2014 private markets investment plan and is not counted as a part of this target.

As of December 2014, OP&F's private equity portfolio was 4.9% of total investments, according to Private Equity International’s research and analytics division.