Ohio Public Employees' Retirement System, Columbus, made new private equity commitments totaling $706 million and one new real estate commitment totaling $200 million, said a second-quarter investment report provided by spokesman Michael Pramik.
The $90 billion retirement system, which includes $77.8 billion in defined benefit plan assets, committed $300 million to ASF VII B, a secondary private equity fund of funds managed by Ardian, and $150 million to ASF VII East Town Co-Invest.
The retirement system previously committed $300 million to ASF VI B, $200 million to ASF VI East Town Co-Invest and $48 million to ASF VI Energy in 2013.
Separately, the retirement system committed $189 million to Montagu V, a buyout fund that focuses on investments in Northern Europe, managed by Montagu Private Equity, and $67 million to Montagu V East Town Co-Invest. The retirement system previously committed $181 million to Montagu IV in 2011.
Also, the retirement system committed $200 million to opportunistic secondary real estate fund Strategic Partners Real Estate Fund VI, managed by Blackstone Group's Strategic Partners Fund Solutions.
The retirement system has made commitments to multiple Strategic Partners funds, most recently $225 million to secondary private equity fund Strategic Partners VI in 2014.
Separately, the retirement system announced that during the second quarter it made an additional direct hedge fund investment of $20 million in Lakewood Capital Partners, an opportunistic, value-oriented, long/short equity hedge fund managed by Lakewood Capital Management. The total investment as of June 30 was $149 million.
The retirement system also made partial and full hedge fund redemptions totaling $377 million during the second quarter, “to reduce the overweight to the hedge funds asset class,” the report said.
Full redemptions were made from macro fund BlueCrest Capital Management ($120 million), long/short equity fund Tiger Consumer Partners ($108 million), and credit relative value fund Saba Capital Partners ($9 million). Partial redemptions were made from multistrategy fund K2 Columbus Fund ($55 million, reducing the investment to $288 million as of June 30), credit long/short hedge fund Chatham Asset Partners High Yield Fund ($50 million, to $113 million), and long/short equity fund Prisma Equity Strategy ($34 million, to $338 million).
Hedge fund consultant Aksia assisted with the hedge fund transactions.
