Ohio Police & Fire Pension Fund, Columbus, committed up to $75 million to a direct lending fund managed by Tennenbaum Capital Partners, spokesman David Graham said in an e-mail.
It is the second direct lending commitment for the $14.6 billion pension fund, which previously committed $100 million to MC Credit I, managed by MC Credit Partners, in March.
The commitment falls under the pension fund’s high-yield allocation, which consists of traditional high-yield bonds and bank loans. The target is 15%, while the actual allocation was 12.3% as of May 31.
The pension fund also committed $40 million to NGP Natural Resources XI, a private equity fund managed by NGP Energy Capital Management. that invests in the North American energy industry.
Separately, the pension fund terminated Thornburg Investment Management from a $927 million active international equity portfolio due to personnel changes and performance issues.
Mr. Graham said Thornburg will continue to manage the portfolio while staff and general investment consultant Wilshire Associates discuss how to transition the assets.
Rebecca Carrier, Thornburg spokeswoman, said it is the company’s policy not to provide comments on client decisions.