Ohio Police & Fire Pension Fund, Columbus, committed up to $100 million to MC Credit I, managed by MC Credit Partners, and up to $50 million to Greystar Equity Partners VIII, run by Greystar Investment Management.
The MC Credit commitment is the $14.1 billion pension fund's first for a middle-market direct-lending fund, said David Graham, spokesman for the pension fund. The commitment is under its existing 12.3% high-yield allocation, which consists of traditional high-yield bonds and bank loans. The pension fund's high-yield target is 15%.
The Greystar commitment is the first commitment by the pension fund this year to real estate, Mr. Graham said. Its actual allocation to real estate is at 9.2%, with a target of 12%. The pension fund expects to commit up to $175 million in real estate this year, including the new Greystar commitment.
It's the second commitment by the pension fund to Greystar; it committed $50 million to Greystar Equity Partners VII in 2011.