Ohio Bureau of Workers' Compensation, Columbus, committed up to $75 million to Brookfield Fairfield U.S. Multifamily Value Add Fund III, a value-added real estate fund, spokeswoman Melissa Vince said in an email.
The board of the bureau, which oversees $27.2 billion in insurance assets including the $25 billion State Insurance Fund, approved the commitment to the fund managed by Fairfield Residential at its meeting Feb. 23.
The State Insurance Fund's actual allocation to value-added real estate as of Dec. 31 was 0.85%; the target is 2%.
Investment consultant RVK assisted.