Ohio Police & Fire approves $50m to debt vehicle

The US public pension has backed a debt vehicle.

Name: Ohio Police & Fire Pension Fund
Headquarters: Columbus, US
AUM: $17.2 billion
Allocation to private debt: 3%

Ohio Police & Fire Pension Fund announced a $50 million commitment to Barings North American Private Loan Fund III during its August investment committee meeting.

The fund offers direct lending within the central US middle market and primarily targets loans for private companies, many of which have private equity backing.

For 2023, OP&F’s private credit plan has set a target allocation of $235 million-$285 million. The Barings investment represents their first commitment of the year towards this goal.

Currently, OP&F’s private credit portfolio is valued at $531 million, accounting for 3.0 percent of its overall portfolio. Their goal is to increase this allocation to reach a target of 3.5 percent.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.