Ohio Bureau of Workers’ Compensation, Columbus, made follow-on commitments totaling $200 million to three open-end core real estate funds as a result of an increase in the real estate allocation in the $23 billion State Insurance Fund, spokeswoman Melissa Vince said in an e-mail.
The bureau’s board of directors approved adding $100 million to Invesco’s Core Real Estate Fund, giving it a total of $200 million. It also added $50 million each to Heitman America Real Estate Trust, giving it a total of $200 million; and Cornerstone Patriot Fund, managed by Cornerstone Real Estate Advisers, giving it a total of $125 million.
The follow-on commitments come as a result of an increase in the fund’s overall real estate target to 12% from 6%.
That target allocation is made up of a new 3% core-plus target and increases in core real estate to 7% from 4.5% and value-added real estate to 2% from 1.5%.
The bureau is currently conducting a search for core-plus real estate managers.
Investment consultant RVK assisted.
