Ohio Highway Patrol Retirement System, Columbus, made two new distressed debt commitments totaling $20 million, said Mike Press, chief investment officer and general counsel.
The $859 million pension fund committed $10 million each to Bain Capital Distressed & Special Situations 2019, managed by Bain Capital Credit, and Black Diamond Illiquid Opportunities Fund V, managed by Black Diamond Capital Management.
Mr. Press did not know whether they are the first distressed debt commitments for the pension fund, but they are the first in recent history, he said.
The commitments likely will be allocated to the opportunistic fixed-income asset class, he said, though no decision has been made. The target allocation to opportunistic fixed income is 8%.
Investment consultant Clearstead Advisors assisted.