Ohio Police & Fire Pension Fund, Columbus, made three new commitments totaling up to $130 million at its board meeting Wednesday.
The $15.8 billion pension fund committed up to $60 million Exeter Industrial Value Fund V, a value-added real estate fund managed by Exeter Property Group, said David Graham, pension fund spokesman, in an email. The pension fund previously committed up to $50 million to Exeter Industrial Value Fund IV in 2016.
The pension fund's current real estate allocation is 11.3%, Mr. Graham said. The target is 12%.
Also, the pension fund committed up to $50 million to Annaly Credit Opportunities Fund, a middle-market private credit fund managed by Annaly Capital Management. It is the pension fund's first commitment to the manager.
The current allocation to private credit is 2.4%; the target is 5%.
Finally, the pension fund committed up to $20 million to middle-market buyout fund Odyssey Investment Partners Fund VI. It is also a first-time commitment for the pension fund.
The current allocation to private markets is 8.4%; the target is 8%.
Separately, the board on Wednesday approved the staff's recommendation to establish a co-investment program involving future private equity and possibly private credit transactions, Mr. Graham said. The program will be in addition to current plans for future commitments, but no timetable for a preliminary co-investment opportunity, he said.
Private markets consultant TorreyCove Capital Partners is assisting with the establishment of the co-investment program.
Also, the pension fund in its latest manager rating reviews downgraded Franklin Templeton Investments, which runs $314 million in active international small-cap equities, for performance-related issues, Mr. Graham said. He said the board will re-evaluate the manager's performance on a quarterly basis moving forward.
Franklin Templeton spokeswoman Stacey Coleman could not be immediately reached to provide comment.