Ohio P&F commits $40m to Montauk TriGuard’s Fund VII

The Ohio Police and Fire Pension Fund (OP&F) board approved a $40 million commitment to secondaries fund Montauk TriGuard Fund VII, according to the pension’s May investment notes.

The $14 billion pension fund is making its fifth investment in Montauk funds, after previously committing capital to Montauk TriGuard Funds III, IV, V and VI.

Oklahoma State Regents for Higher Education committed $10 million to the fund, according to PEI Research & Analytics.

Montauk TriGuard Fund VII will target investments in secondaries transactions by acquiring LPs stakes in a variety of private equity funds, according to the investment note. It will focus on four secondary market areas: secondaries fund liquidity, carve-outs and strips, clean-ups and opportunistic.

Its predecessor, Montauk TriGuard Fund VI, closed on $505 million in 2014, above its $400 million target, according to the firm’s website.

In March 2015, Montauk bought stakes from five Capital Dynamics fund of funds from the 1990s. The same month, it purchased an interest in Industri Kapital 2000 using Montauk V, as reported by Secondaries Investor. Montauk TriGuard Fund V was generating an 18.2 percent IRR as of 30 September, according to documents from the Oregon Public Employees Retirement Fund.

OP&F has invested $827 million in private assets, making up 5.9 percent of its total investment portfolio of May. Its total portfolio gross return for the first quarter of 2015 was 1.35 percent.

Montauk manages $1.25 billion in assets, according to PEI Research & Analytics.