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 recommendationsTownsend Group will look for opportunities and make recommendations to the board.