The $20.83B Ohio Police and Fire Pension Fund has signaled an expansion within its buyout appetite with a recent commitment of $35M (€30M) to a middle-market fund.
According to recent meeting materials, the pension fund is investing the capital in CapVest Equity Partners VI. The fund will target middle-market leverage buyouts in developed Europe and North America, confirmed spokesperson David Graham over email, with a focus on healthcare, consumer goods, and essential services.
CapVest, founded in 1999 and based in London, specializes in mid-market buy-outs with a track record of focusing on resilient sectors. In one recent high-profile transaction, CapVest agreed to acquire a majority stake in STADA Arzneimittel AG, a German generic drugs and consumer-health business, for roughly €10B — underscoring its strength in the healthcare/consumer domain, according to reporting by Reuters.
For OP&F this move into CapVest’s fund signals a few key themes: greater geographic diversification, deeper participation in private markets buy-outs (particularly mid-market), and an alignment with sectors considered more defensible in uncertain macroeconomic times.
OP&F posted an 11.13% gross return in 2024, exceeding its 7.5 % target.
