Ohio Police & Fire Pension Fund intends to focus on non-core real estate next year, potentially making up to $170m (€163m) of new commitments.
Last week, the pension fund approved its real estate investment plan for 2017 and decided that it would focus on non-core investments in the US.
It said it already had a sizeable core portfolio and was anticipating opportunities in higher-risk strategies.
Ohio Police & Fire has been getting closer to its 12% target allocation for real estate. At the end of the November, it had $1.56bn in real estate assets, representing 10.9% of its $14.3bn in total assets.
In 2017, it expects to make three commitments to real estate funds, ranging in size from $40m to $70m.
Ohio Police & Fire made $200m worth of real estate commitments in 2016 year, having originally targeted $170m.
It also issued redemption requests for two core open-ended real estate funds.
Data from NCREIF, which tracks core open-ended funds in the US, shows that redemptions have increased in recent quarters, although the vehicles are still attracing inflows.
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