Oregon Public Employees Retirement Fund (Oregon PERF) is planning to place an additional $500m (€464m) of capital into core open-ended real estate funds this year.

Capital will be invested in three of the 24 funds that make up the NCREIF Open-end Diversified Core Equity (ODCE) index.

The move will mean the pension fund has investments in five open-ended core funds, since it is already an investor in the JP Morgan Strategic Property Fund and RREEF America II.

Oregon PERF will consider targeting a fund that focuses on the industrial sectors, where it is looking to increase its exposure.

The timing of the commitments will be spread out over one to two years.

Earlier this week, IPE Real Estate reported that net inflows into NCREIF ODCE funds turned negative in the fourth quarter of 2016 and the funds had collectively produced the lowest annualised return since 2009.

Oregon PERF is also looking to hire a manage for a new value-add mandate worth between $200m and $250m.

The mandate would cover only the US and but could be single or multi-sector.

Funding for the new investments will come from distributions from existing real estate funds.