Ohio Police & Fire Pension Fund has made its first-ever commitment to Strategic Value Special Partners with a $50m (鈧�44.2m) allocation to the alternative investment manager鈥檚 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鈥檚 total plan assets. The targeted allocation for the asset class is 4%.
According to the New Jersey Division of Investment鈥檚 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 .
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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