The Ohio Police & Fire Pension Fund is planning to invest up to $170m (€156m) in real estate in 2016, according to an email from the pension fund.

The move is part of its 2016 annual investment plan for real estate, brought for board approval last week by the investor’s real estate consultant, The Townsend Group.

Ohio Police & Fire will invest all of its 2016 capital in tactical or non-core real estate investments.

The pension fund continues to seek balance in its real estate portfolio, having already invested enough capital to satisfy its demand for core real estate.

All of the commitments will be through funds, likely to be closed-end products, with allocations of $40m-70m per commitment.

Capital could be allocated to funds that invest in real estate in both the US and potentially Europe, or placed in funds that focus on a single-property type or multiple property types.

The three commitments Ohio Police & Fire approved during 2015 show the variety the pension fund has in its real estate portfolio.

It made a $50m commitment to the retail-focused Gerrity Fund 2, and $56m to a European-only fund, PW Real Estate Fund III.

It also made a $65m allocation to Blackstone Real Estate Partners Fund VIII.

Ohio Police & Fire’s real estate portfolio, valued at $1.5bn in November, accounts for 11% of its $14bn total plan.

The fund has a 12% targeted allocation for the asset class.