School Employees Retirement System of Ohio (Ohio SERS) has approved a $100m (€85.4m) commitment to a Lubert-Adler opportunistic US real estate fund.
The $15.3bn pension fund said it has backed Lubert-Adler Recovery Capital and Enhancement Strategy, a non-core fund seeking to raise up to $850m.
Ohio SERS said the fund, which targets a 20% gross return, will provide recapitalisation and rescue capital to projects and operating partners that are in need of funding/liquidity. The plan is to generate a 20% gross return for the fund.
Lubert-Adler did not respond to a request for comment.
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