Oklahoma Firefighters Pension & Retirement System, Oklahoma City, committed $20 million to New Mountain Partners VII, according to Troy Brown, executive director at AndCo Consulting, the retirement system's investment consultant.
The commitment to the buyout fund managed by New Mountain Capital was approved at a board meeting April 21 and represents the pension fund's first commitment to the asset manager, Mr. Brown said in an email.
As of March 31, the retirement system's actual allocation to "other equity," which is where the investment resides, was 2.9%. Its target allocation is 5%.
The retirement system had $3.3 billion in assets as of March 31.
The board also voted to terminate the JPMCB Special Situation Property Fund, which managed $66 million in pension fund assets.
The board terminated the real estate value-added fund managed by J.P. Morgan Asset Management because its portfolio was overweight in real estate, Mr. Brown said, adding that it was part of a strategic repositioning.
J.P. Morgan did not immediately respond to an email seeking comment.