Oklahoma Police Pension & Retirement System, Oklahoma City, committed $20 million to Cerberus Institutional Real Estate Partners III, confirmed Steven Snyder, executive director and chief investment officer.
The fund, managed by Cerberus Capital Management, invests in opportunistic and distressed real estate, Mr. Snyder said in a telephone interview. It is the $2 billion pension fund's first commitment to Cerberus.
The pension fund has a 15% allocation to real assets — 5% each to core real estate, opportunistic investments and commodities.
Investment consultant Asset Consulting Group assisted.