Ohio School Employees Retirement System, Columbus, approved new commitments totaling $191 million.
The $19.4 billion pension fund’s board approved commitments of $75 million to FP Credit Fund III, a direct lending fund managed by Francisco Partners; $50 million to KKR Asset- Based Finance Partners II, an asset-based private credit fund managed by KKR & Co.; and €50 million ($53 million) and €13 million, respectively, to Bridgepoint Development Capital V, a middle-market buyout fund managed by Bridgepoint Group, and its sidecar co-investment vehicle. The fund announced the commitments at its Dec. 19 meeting, according to meeting highlights emailed by spokesperson Tim Barbour.
All are existing managers for the pension fund. Previous commitments to the managers include $150 million to FP Credit Fund II and $50 million to KKR Private Credit Opportunities Fund II, both in 2021, and €50 million to Bridgepoint Europe VII in 2020.
As of Oct. 31, the pension fund’s actual allocations to global private equity and global private credit were 13.2% and 6.3%, respectively; their respective targets are 13% and 5%.
