Ohio Police & Fire Pension Fund, Columbus, committed up to $40 million to Montauk TriGuard VII, said spokesman David Graham in an e-mail.
The secondary private equity fund, which invests in a variety of private equity strategies, is managed by TriGuard Management. The $13.9 billion pension fund previously committed $120 million total to four predecessor Montauk TriGuard.
As of March 31, the pension fund's private markets allocation was 5.9% and its long-term target 8%.
Separately, the pension fund terminated core fixed-income manager J.P. Morgan Asset Management because of upcoming changes to the pension fund's strategy for its core fixed-income portfolio and key portfolio management departures at J.P. Morgan's core bond team, Mr. Graham wrote.
The pension fund has $540 million invested in the J.P. Morgan strategy. A search for a new core fixed-income manager will be conducted, Mr. Graham said. It will likely be a closed search, he said. Details on the search criteria and a timeline are still being determined.
The pension fund also has about $591 million invested in a Pacific Investment Management Co. core fixed-income strategy.
