The Ohio Bureau of Workers Compensation Board is looking for core-plus real estate managers.
The US pension fund will commit $650m-700m (€600m-645m) to core-plus funds.
The fund has a 3% targeted allocation for the strategy.
The new allocation is part of the investor’s 12% targeted allocation for real estate, approved this year.
The previous allocation was 6%.
The rest of the new allocation will be split between core (7%) and valued-add (2%).
Ohio BWC will invest in funds focused on the office, industrial, retail and apartment sectors.
Specialised funds investing in self-storage, medical offices, hotels and senior housing will also be considered.
Ohio could hire managers with speciality funds focusing on holding debt positions on properties.
Capital will be split between the US (95%) and Canada (5%).
Open-ended and private, closed-end funds are under consideration.
Responses to Ohio’s RFP are due by 14 May, with a final decision expected in October.
