Ohio Police & Fire Pension Fund, Columbus, committed up to $60 million to Waterton Residential Property Venture XIV.
The $14.5 billion pension fund's investment committee approved the commitment to the value-added real estate fund managed by Waterton at its meeting Tuesday, spokesman David Graham said in an email.
As of March 31, the actual allocation to real estate was 12.1%; the target is 12%.
Separately, the investment committee approved the termination of Franklin Templeton from its $223 million active international small-cap equity portfolio due to performance concerns, Mr. Graham said.
How the funds will be reallocated once the account is liquidated has yet to be determined, he said. Franklin Templeton spokeswoman Stacey Coleman could not be immediately reached for comment.
As of March 31, the actual allocation to international equities was 16.1%; the target is 17.5%.