Ohio Public Employees Retirement System, Columbus, made private equity commitments totaling $850 million, confirmed spokesman Michael Pramik.
The retirement system, which includes defined benefit plan assets of $73.2 billion, made commitments of $300 million to ASF VI B, a secondary private equity fund with a global focus; $200 million to ASF VI East Town Co-Invest, a co-investment focused on secondary transactions; and $100 million to ASF VI Energy, focused on secondary investments in the energy sector.
All are managed by Ardian, formerly AXA Private Equity.
The retirement system also committed $250 million to Riverwood Capital Partners II, a private equity fund focused on middle-market technology companies.
Separately, the retirement system invested $25 million in Lakewood Capital Partners, an opportunistic, value-oriented, long/short equity hedge fund managed by Lakewood Capital Management.
Also, the retirement system invested $50 million in multistrategy hedge fund Arrowgrass Partnership, managed by Arrowgrass Capital Partners, bringing its total investment to $280 million.
Separately, the board of trustees of the retirement system approved a 2014 investment plan at its meeting Wednesday.
Included in the plan are changes to several targets in the asset allocation of the defined benefit plan. The target to emerging markets debt increases to 6% from 4%, while domestic high-yield fixed income is reduced to 3% from 4.5% and global high yield is reduced to 1% from 1.5%.
The retirement system will select any potential emerging markets debt managers from an existing shortlist, Mr. Pramik wrote in an e-mail. No new RFI will be issued.
Investment consultant NEPC assisted with the investment plan.