Ohio State Highway Patrol Retirement System, Columbus, will search for a potential private equity secondaries manager, said Dennis Smith, chief investment officer.
The $830 million pension fund hopes to issue the RFP early next week on its website. The pension fund might not hire a manager.
The search is the latest that follows the increase in the fund’s target alternatives allocation to 25% from 17.5% late last year.
The pension fund’s board on Thursday also approved committing $15 million to PIMCO Corporate Opportunities Fund II, an opportunistic credit fund managed by Pacific Investment Management Co., the result of an RFP issued in January.
The pension fund also has invited Marathon Asset Management to discuss its European Credit Opportunity Fund III in June; the board will decide at that time whether to make a commitment to that fund.
Separately, the pension fund hired two active international equity managers: Lazard Asset Management to run a core portfolio and Thompson, Siegel & Walmsley to run a value portfolio. Each likely will run between $35 million and $40 million; exact sizes have yet to be determined, Mr. Smith said.
The Lazard hire is the result of an RFP issued in March. The pension fund’s board had decided to switch to an active portfolio from a passive portfolio managed by Vanguard Group. The TSW hire is the result of the termination of Manning & Napier, which ran a similar portfolio. Mr. Smith would not give a reason for the termination.
Investment consultant Hartland & Co. assisted with the searches and hires.
