Ohio Police & Fire Pension Fund has made its first-ever commitment to Strategic Value Special Partners with a $50m (€44.2m) allocation to the alternative investment manager’s latest special situations fund.
Ohio Police & Fire Pension disclosed in a board meeting document that it placed the capital into the Strategic Value Special Situations Fund VI fund, which targets real assets and distressed corporate credit.
Ohio Police & Fire Pension said the commitment was made via its $638m private credit portfolio which represents 3.3% of the pension fund’s total plan assets. The targeted allocation for the asset class is 4%.
According to the New Jersey Division of Investment’s board meeting document, Fund VI is seeking to raise $6.5bn. New Jersey Division of Investment had considered a $100m commitment to the fund in January of this year.
Fund VI expects to generate a net internal rate of return of 15% and an equity multiple of 2.0x.
Strategic Value Special Partners raised $5bn for Fund V, the predecessor fund in the series, which closed in August 2021.
Previous investments by Strategic Value Special Partners include the Blanchardstown Centre retail and leisure destination in Ireland; APCOA Parking which manages a portfolio of parking facilities across 13 European countries; and the SH 130 Concession Company, the owner of a 41-mile toll road between Austin and San Antonio in Texas.
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