Ohio Public Employees Retirement System plans to plough $459m (€348m) into US industrial property and is allocating $350m to an opportunistic strategy run by Och-Ziff.
The pension fund is close to bottom of its target allocation to industrial real estate and is providing capital to four separate account managers: $205m to Heitman, $125m to UBS Realty Investors, $100m to PCCP and $29m to LaSalle Investment Management.
They will invest in a combination of equity and debt as part of Ohio PERS’s non-core real estate strategy.
The pension fund is planning to extend the programme to hotels and the retail sector.
According to board meeting documents, Ohio PERS plans to invest $1.26bn through separate accounts this year.
Ohio PERS has also approved a $200m commitment to the Och-Ziff Real Estate Fund III and will allocate an additional $150m into two investment sleeves for co-investments with the fund.
The closed-ended fund will seek to buy pools of existing real estate loans and invest in real estate operating companies.
Och-Ziff is seeking to raise between $1bn and $1.5bn for the fund and will be co-investing $75m.
Ohio PERS plans to invest $400m in opportunistic funds this year, offset by $791m in proceeds from sales and financing activities.
Topics
- Americas
- Asset Allocation
- Capital Raising
- Closed-ended funds
- Debt funds
- Debt Markets
- Heitman
- Industrial
- Investment Strategies
- Investment Vehicles
- Investors
- lasalle investment management
- Mandates
- North American Investors
- Och-Ziff Real Estate
- Ohio PERS
- Ohio Public Employees Retirement System
- Opportunistic
- PCCP
- Pension Funds
- Real Estate
- Separate accounts
- UBS
- UBS Realty Investors
- US
- US Investors
- Value-added
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