Jamestown is asking investors to renew their commitment obligation to its core and core-plus fund to give the US property manager more time to invest the capital, according to an exiting investor.

The Ohio Bureau of Workers Compensation Board (Ohio BWC) said in a meeting document that it will retrieve the entire $125m (€110m) it commitment in March 2016 to the Jamestown Premier Property Fund.

Ohio BWC’s decision - which is based on the recommendation from investment consultant RVK - is due to Jamestown’s inability to invest the capital within the three year period.

Ohio BWC said limited partners are being asked by Jamestown to renew their commitment obligation for an additional three years.

According to RVK, the open-ended Jamestown fund has another $270m of uncalled equity commitment which precedes the Ohio BWC’s commitment.

Over the last 30 months the fund manager closed only one acquisition that contributed meaningful additive property-level exposure to the fund, RVK said.

According to industry sources, it is rare for an open-ended core or core plus fund to take three years to invest secured commitments, considering some larger funds have been able to draw down the capital in under two years.

The Premier Property fund typically buys attractive distressed properties primarily located in US coastal gateway cities that are in the office and retail sectors.

Jamestown declined a request for comment.