Investment Management Corp. of Ontario, a money manager for pension funds in the province, has committed $1 billion (US$750 million) to three funds as it looks to boost its private equity operations.
The pension fund said it’s investing in Kohlberg Investors IX, managed by Mount Kisco, New York-based Kohlberg & Co. LLC, the firm started by KKR founder Jerome Kohlberg. IMCO is also handing money to Nordic Capital X, managed by Stockholm-based Nordic Capital, and North Haven Capital Partners VII, managed by New York-based Morgan Stanley Capital Partners, according to a statement.
All three firms focus on buyouts of middle-market companies.
“As we strive to geographically diversify our portfolio in resilient sectors supported by structural tailwinds, these funds proved to be the right opportunity for us to make a substantial commitment,” Craig Ferguson, managing director for private equity at IMCO, said in the statement,
IMCO manages $70.3 billion in assets. It plans to boost its private equity portfolio to at least $6 billion over the next five years.