Ohio School Employees Retirement System, Columbus, hired BlackRock to manage a $100 million passive REIT portfolio and made three new real estate commitments totaling $350 million, spokesman Tim Barbour said in an e-mail.
In addition to the passive real estate investment trust hire, the $12.6 billion pension fund committed $200 million to CBRE U.S. Core Partners fund, a core real estate fund managed by CBRE Global Investors; and $75 million each to Almanac Realty Securities VII, a value-added real estate fund managed by Almanac Realty Investors, and Mesa West Core Lending Fund, an open-end, direct lending real estate fund managed by Mesa West Capital.
The BlackRock hire and the three commitments fall within the pension fund's 15% global real assets target, which was created in June 2013 to reflect greater investment flexibility than the previous 10% target to real estate.
As of Sept. 30, the actual allocation to global real assets was 10.6%.