Ohio Police & Fire to target infrastructure and non-core real estate
Ohio Police & Fire Pension Fund will favour infrastructure and non-core US real estate as it looks to invest close to $300m (€264m) in real assets this year.
According to the pension fund’s pacing plan, it will invest as much $170m in real estate in 2019, focusing on tactical and non-core strategies.
A spokesperson told IPE Real Assets that the pension fund is satisfied with its current exposure to core real estate.
Ohio Police & Fire is likely to make three commitments, each between $50m and $75m, to real estate funds this year.
The pension fund is close to its 12% target allocation to real estate, with the $1.72bn invested in the asset class representing 11.28% of its total assets.
By contrast, it is significantly below its 8% target allocation to real assets, which excludes real estate but includes infrastructure, timber and agriculture, at 2.5%.
Ohio Police & Fire plans to invest $120m in closed-ended funds in 2019 to increase its $379m real assets portfolio.
But it will focus predominantly on infrastructure, while also considering agriculture but avoiding timber investments altogether.
It has also allocataed $175m to be invested in open-ended funds over the coming years.