Ohio workers comp fund commits $950 million to real estate

Ohio Bureau of Workers' Compensation, Columbus, on Friday committed a total of $950 million to eight active open-end core commingled real estate funds for the $21 billion State Insurance Fund, confirmed spokeswoman Melissa Vince.

The funds are: AEW Core Property Trust; ASB Allegiance Real Estate Fund; Cornerstone Patriot Fund; Heitman American Real Estate Trust; Invesco (IVZ) Core Real Estate-USA; Prime Property Fund, managed by Morgan Stanley (MS); TIAA-CREF Asset Management Core Property Fund; and UBS Trumbull Property Fund.

Exact amounts to be placed in each fund will be determined once contracts are finalized, according to Ms. Vince.

An RFP was issued in December following the board's approval of a 6% allocation to real estate earlier last year. The commitments made at the bureau's board meeting on Friday make up about 4.5% of the SIF.

The bureau's investment consultant, R.V. Kuhns & Associates, will assist in selecting firms to run value-added pooled funds for the remaining 1.5%, or about $320 million.