Ohio Public Employees Retirement System (PERS) has allocated $800m (€704m) across three US real estate debt vehicles to enhance portfolio yield and net asset value stability, according to a board meeting document.
The commitments include a $400m separate account awarded to Ohana Real Estate Investors, marking the pension fund’s first investment with the manager.
Ohana will hold full investment discretion to target debt opportunities in lodging assets expected to generate net returns of at least 10%.
The pension fund’s remaining $400m was split evenly between Axonic Commercial Real Estate Fund III, which targets US bridge financing, rescue capital and distressed real estate, and Affinius Tactical Partners IV, a debt vehicle focused on industrial, multi-family, and data centre properties.
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