Ohio Bureau of Workers Compensation (BWC) has ended its relationship with real estate investment consultant NEPC due to a material breach in the contract and is planning to hire a new consultant.

The provider of workers’ compensation insurance said in a meeting document that the contract termination was prompted by the departure of the two lead NEPC consultants servicing Ohio BWC and the unilateral appointment by NEPC of a new consulting team without prior board approval.

Ohio BWC hired NEPC in 2021.

Ohio BWC said it has issued a request for proposal and expects to hire a new consultant in the third quarter of this year.

Ohio BWC said in the meeting document that it has approved a $50m commitment to Sares Regis Multifamily Value-Add Fund IV, a US apartment fund which seeks a net internal rate of return of 15% to 16%.

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