By Muskan Arora

The $19.15B Ohio Police and Fire Pension
Fund has re-allocated its $160m non-US equity small cap portfolio to Wellington
Management Co.

The pension fund terminated its contract with Barings, subsequently launching a request for proposals last fall through consultant Wilshire Advisors LLC. According to the investment notes, Wellington was
chosen due to its stability and depth of its team, intuitive philosophy and
clear risk control.

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Ohio P&F reported a gross return of 11.3% for the calendar year 2024, outperforming its benchmark of 10%.The fund allocates 13.2% of its
total portfolio to non-US equity sleeve with a target allocation of 13%, as of February
28. Within its real assets’ portfolio,
the plan committed up to $80m to iCON Infrastructure Partners VII, a non-core,
closed-end fund focusing on middle-market opportunities in Europe and North
America.

At its December meeting, Ohio P&F earmarked a pacing of $230m to $280m for its non-core real estate portfolio. As of Mar. 25, it has allocated 6.25% or $1.2B to
its real assets’ portfolio, against a target of 8%, as of March 25. 

Wellington has been reached out for a comment.