Ohio School Employees Retirement System invests $50m in Fortress fund
- Fortress Investment Group (FIG)
- Ohio School Employees Retirement System (SERS)
According to sources, the Ohio School Employees Retirement System (SERS) has invested $50 million in Fortress Worldwide Transportation and Infrastructure Investors (FTAI), the latest infrastructure fund raised by Fortress Investment Group LLC.
SERS provides pension, survivor, disability, and post-retirement health care benefits active and retired non-teaching public school employees of Ohio.
SERS is public pension fund with $8 billion in assets under management. The fund allocates 1% to 5% of its total assets to alternative investments.
Fortress Investment Group LLC announced the successful close of Fortress Worldwide Transportation and Infrastructure Investors (FTAI) in August at its cap of $995 million in total commitments. FTAI was originally raised as a $395 million fund; this was followed by a subsequent "top up" private capital raise of $600 million of additional capital commitments.
San Bernardino Country Employees' Retirement Association was one of the pension funds that opted to commit $50 million to the fund.
FTAI brings together a diverse mix of high yielding transportation assets and value-add infrastructure projects. Its portfolio includes aviation, shipping, offshore energy and rail assets and infrastructure, including airplanes, jet engines, shipping containers, intermodal equipment, offshore energy vessels, as well as railway lines, railcars and terminals.
On January 3rd, 2014, Fortress submitted a preliminary prospectus to the US Securities and Exchange Commission announcing a $100 million IPO of its infrastructure fund. The document showed that the IPO would be underwritten by Barclays and Deutsche Bank Securities. However, the IPO finally did not take place.