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Ohio Police & Fire slates $130 million for 2 funds, tweaks asset allocation

Ohio Police & Fire Pension Fund, Columbus, committed up to $130 million total to two funds and revised its target asset allocation, spokesman David Graham said in an email.

The $15.1 billion pension fund committed up to $80 million to Meridiam North American Infrastructure Fund III and up to $50 million to CapitalSpring Investment Partners V, a direct lending fund.

The pension fund board also approved a new target asset allocation at Wednesday's board meeting. The new targets are 23% core fixed income, 17% U.S. inflation-linked bonds, 16% each U.S. equity and non-U.S. equity, 12% real estate, 8% each real assets, private equity and master limited partnerships, 7% high-yield fixed income and 5% private credit. (The targets equal 120% because the pension fund has 20% leverage on the portfolio.)

The U.S. equity, non-U.S. equity, private equity, MLPs and real estate targets are all unchanged. The core fixed income and real asset targets were raised 3 percentage points each. The high-yield target was reduced by a total of 8 percentage points to fund, in part, the new dedicated 5% target to private credit. Private credit was previously included under high yield. The new dedicated 17% target to U.S. inflation-linked bonds replaces a 20% target to global inflation-linked bonds, which has been eliminated.

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