Ohio Bureau of Workers’ Compensation (BWC) expects to invest $50m (€45.3m) in value-add real estate this year.
The provider of workers’ compensation insurance’s investment consultant Meketa Investment, disclosed in a meeting document that 2023’s value-add real estate pipeline includes a possible new relationship with Waterton via a commitment to Waterton Residential Property Venture XV, a value-add US apartment fund seeking to raise $2bn.
Waterton declined a request for comment.
Ohio BWC is expected to consider placing some capital into the Horizon III manufactured housing fund and IPI III data centre fund, both of which will also represent a new relationship with managers Horizon and IPI.
Ohio BWC will also consider adding to existing manager relationships by backing the Rockbridge IX hotels fund and the Focus II senior housing fund.
The provider of workers’ compensation insurance has a 2% target allocation for value-add real estate compared with a current invested amount of 2.5%.
Core real estate accounts for 12.1% of the real estate portfolio versus a 9% target allocation and core-plus represents 6.5% invested compared with a 4% allocation target.
Ohio BWC expects to issue $25m in redemptions from its core open-ended funds this year.
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