Ohio Police & Fire Pension Fund, Columbus, committed up to $50 million to TCP Direct Lending Fund VIII, managed by Tennenbaum Capital Partners, said David Graham, pension fund spokesman, in an email.
The $15.3 billion pension fund previously committed up to $75 million to Tennenbaum Enhanced Yield Fund in 2014.
Separately, the pension fund terminated Fidelity Institutional Asset Management from a $135 million active international small-cap equity portfolio following a structural analysis of the pension fund's international equity portfolio by Wilshire Associates, its general investment consultant. Fidelity still runs a separate $836 million active international equity portfolio for the pension fund. Assets from the termination will be reallocated to other underweight asset classes as the pension fund gradually reduces international equity exposure. The pension fund's international equity target is 16%; the actual allocation is 21.2%.
The pension fund also will conduct a shortlist search for an active international equity manager to take over a $523 million portfolio now run by Russell Investments as a transition assignment. Russell has been managing the portfolio since the termination of Thornburg Investment Management since late 2014.