GLOBAL - The Ohio Police & Fire Pension Fund has decided to issue redemption queues for two open-ended commingled funds in which it has invested.
One of the funds is the INVESCO Core, from which Ohio Police & Fire aims to redeem $80m (€60m).
Pension fund officials said they made the decision in order to moderate a large overweight exposure to the fund within its strategic/core portfolio.
Ohio Police & Fire made an investment into the commingled fund by a swap of separate account properties in exchange for units in the INVESCO Core fund.
This was invested in two separate transactions - the first tranche was for $227.8m in the fourth quarter of 2007, while the second was $65.8m in the first quarter in 2008.
The pension fund had placed a value on its investment in the core fund at $196.6m, through the end of November 2010.
Ohio Police & Fire also has placed a redemption queue for its investment in RREEF America REIT II.
The pension fund said its strategic portfolio, with eight funds, had more investments than necessary to achieve efficient diversification.
The queue for RREEF America II was previously a recommendation for 2010, but was suspended in anticipation of significant core fund appreciation.
Ohio Police & Fire made a $50m commitment to RREEF America II during the third quarter of 2006. The pension fund has placed a value on this investment at $34.1m, as at the end of November 2010.
The pension fund has earmarked $165m of new real estate commitments for 2011 for its tactical portion of its real estate portfolio.
No comments yet