Ohio SERS Tilts Toward Europe, Gold and Infrastructure in New Asset Mix

The Ohio School Employees Retirement System is reshaping its $23 billion portfolio, increasing exposure to infrastructure and commodities while expanding its private equity footprint with a new European buyout commitment.

The pension approved an investment of up to €50 million (approximately $59 million), along with a €12.5 million co-investment sidecar, to Bridgepoint Europe VIII, a pan-European buyout fund managed by Bridgepoint Group. The strategy targets sectors including business and financial services, healthcare, advanced industrials and technology.

At the same time, SERS is adjusting its broader asset allocation. Infrastructure exposure has been increased to 10% from 7%, reflecting continued confidence in long-duration, income-generating assets. The system also boosted its allocation to gold, introducing a 3% target through internally managed ETF strategies, with returns of 52.45% since inception through February 2026.

These increases were partially offset by a 6% reduction in real estate exposure.

The pension’s opportunistic and tactical portfolio, currently at 4.1% of assets, remains slightly below its 5% target but continues to deliver strong performance, generating a 19.4% net return over the past year. The portfolio includes distressed debt, structured credit and multi-asset strategies.

Overall, SERS returned 15.97% net through January 2026, outperforming its policy benchmark by 290 basis points annualized, with global equities, private equity and infrastructure leading performance, while real estate and private credit lagged.