Ohio Police & Fire Pension Fund, Columbus, committed $50 million to USAA Eagle Real Estate Fund, confirmed spokesman David Graham.
The commitment to the tactical real estate fund, managed by USAA Real Estate, is part of the $13.1 billion pension fund's efforts to reach a goal of a 50-50 split between strategic and tactical investments within its real estate allocation.
The split is currently $745 million in strategic investments and $443 million in tactical investments, for a total actual allocation of $1.19 billion, or 9% of the total pension fund. The pension fund's long-term real estate target is 12%.
As part of the rebalancing, the pension fund redeemed its $88.4 million investment in Invesco Core Real Estate Fund.
Real estate consultant Townsend Group assisted.
Separately, the pension fund committed $100 million to Global Timber Investors 10. It is a first-time commitment to a Global Forest Partners fund.
Townsend and general investment consultant Wilshire Associates assisted.
The pension fund also committed $60 million to secondary private equity fund Landmark Equity Partners XV. The pension fund previously committed money to three previous Landmark Partners funds.