Ohio Police & Fire Pension Fund has made two opportunistic real estate commitments worth $150m (€137m) via AEW Capital Management and Oaktree Capital Management funds.
The pension fund said it has approved a $75m commitment each to the AEW Partners Real Estate Fund X and Oaktree Real Estate Opportunities Fund IX funds.
As previously reported, AEW is seeking to raise $2bn for its latest opportunistic US real estate fund. AEW’s Partners X, which has a 65% leverage component, expects to acquire and develop mainly multifamily, industrial and life science conversions.
Last year, IPE Real Assets reported that Oaktree’s Opportunities Fund IX, a global fund with a $5bn fundraising target, is expected to deploy capital by acquiring distressed debt or discounted securities, providing rescue capital, or by participating in equity recapitalisations.
The commitments represent the first two issued by Ohio Police & Fire in the real estate sector in 2024.
As previously reported, the $17bn pension fund intends to invest up to $275m in real estate this year, all of which will be placed into non-core.
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