Ohio SERS Commits $180M Across Private Equity, Infrastructure Co-Investments
The $20.6 billion School Employees Retirement System (SERS) of Ohio has approved $180 million in new allocations to private equity and infrastructure strategies, including substantial co-investments, according to the minutes of its latest board meeting.
SERS committed $70 million to Ardian Secondaries Fund IX, a global private equity secondaries vehicle, and an additional $35 million to a sidecar co-investment alongside the fund. Ardian earlier this year closed its ninth flagship secondaries fund with a record $30 billion in commitments. SERS defines co-investments as direct investments into a single private market asset, made in tandem with a fund sponsor, often offering better terms and shorter holding periods.
The board also approved a $50 million allocation to GIP Capital Solutions Fund III, managed by Global Infrastructure Partners, now part of BlackRock. The investment was accompanied by a $25 million co-investment. GIP Capital Solutions III focuses on infrastructure debt investments.
In total, these four commitments represent a blend of private equity secondaries and infrastructure debt strategies, reflecting SERS’ continued efforts to optimize exposure to alternative assets through both fund vehicles and targeted co-investments.
Earlier in June, SERS trustees also approved $60 million in credit and real assets allocations, further diversifying the fund’s alternative holdings.
SERS maintains a 7% target allocation to infrastructure, with approximately $1.4 billion currently invested in the asset class. As of March 31, infrastructure delivered a 9.27% annualized return, contributing to a preliminary total fund return of 11.17% through June—outperforming the system’s benchmark by 120 basis points.
