Ohio Police & Fire Pension Fund, Columbus, committed up to $50 million to Raven Asset-Based Credit Fund II.
The $16.2 billion pension fund's board approved the lower middle-market private credit fund managed by Raven Capital Management at its meeting Wednesday, said David Graham, pension fund spokesman, in an email.
It is the pension fund's first private credit commitment for fiscal year 2021, Mr. Graham said. The investment plan for the current fiscal year ending June 30, 2021, calls for a total of between $225 million and $275 million in private credit commitments, he said.
As of Oct. 31, the pension fund's actual allocation to private credit was 3%; the target is 5%.
Separately, staff and investment consultants Wilshire Associates and Aksia TorreyCove Partners recommended committing between $80 million and $120 million in private markets commitments for fiscal year 2021.
As of Oct. 31, the actual allocation to private markets was 9.4%; the target is 8%.
The pension fund does not issue RFPs.