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.