School Employees Retirement System of Ohio (Ohio SERS) has approved a $100m (€91.2m) commitment to an open-ended JP Morgan Asset Management shipping fund.

The $14.6bn pension fund is backing the JP Morgan Global Transportation Income Fund, a core vehicle which Ohio SERS said had raised $1bn so far.

The Transportation Income Fund is expected to buy a mixture of ships and container ships that are located in a variety of markets on a global basis that can produce net returns of 8% to 10%.

Ohio SERS is placing the investment into the infrastructure portfolio within its $2.2bn real assets portfolio.

The pension fund’s infrastructure portfolio prior to the latest investment accounted for 17% of its 20% allocation within the real assets portfolio.