Ohio Bureau Workers Compensation (BWC) has approved a $50m (€46.2m) commitment to a US senior housing fund managed by Focus Healthcare Partners.
The provider of workers’ compensation insurance disclosed in a meeting document that it has reaffirmed its commitment to Focus Healthcare Property by investing in their latest fund, Focus Senior Housing Fund II.
According to SEC filing, Focus Senior is seeking to raise $600m for the fund, an amount nearly double the $312m raised for the manager’s maiden US senior housing fund which closed in July 2017.
Ohio BWC made a $50m capital commitment to Focus Senior’s first fund in the latter part of 2016, an investment which has produced a 13.2% internal rate of return.
The performance makes the Focus Healthcare fund the fifth best-performing relationship in Ohio BWC’s $3.6bn real estate portfolio through the end of September 2023, according to Ohio BWC’s real estate investment consultant Meketa Investment Group.
Senior Housing Fund II will be looking to invest in a variety of US housing types including apartments, independent and assisted living, and memory care homes located within the top 100 metropolitan statistical areas around the country.
The fund seeks to achieve returns through a diversified approach, investing in core, value-add and distressed opportunistic opportunities.
Focus Healthcare declined a request for comment.
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