Ohio Police & Fire Pension Fund, Columbus, committed up to $50 million to Exeter Industrial Value Fund IV, a value-added real estate fund managed by Exeter Property Group, spokesman David Graham said in an e-mail.
The $14.2 billion pension fund previously committed $50 million to Exeter Industrial Value Fund III in 2013 and $35 million to Exeter Industrial Value Fund II in 2011.
Separately, the pension fund’s board at its meeting Wednesday voted to create a new 5% target allocation to real assets, which will include timber and the pension fund’s first exposure to infrastructure and agriculture.
Currently, the pension fund has a 5% target solely to timber. Mr. Graham said the pension fund has had difficulty finding “acceptable timber opportunities that would allow OP&F to reach the 5% target.” As of Sept. 30, the actual allocation to timber was 2%.
There will be no RFPs issued, Mr. Graham said. Real estate consultant The Townsend Group will look for opportunities and make recommendations to the board.