Ohio Police & Fire Pension Fund, Columbus, redeemed a total of $186 million from three of its open-end real estate funds, confirmed David Graham, spokesman for the $15.7 billion pension fund, in an email.
At its Wednesday meeting, the board approved the full redemption of $86 million from the Jamestown Premier Property Fund; and partial redemptions of $50 million each from the Heitman Core Property Fund, leaving it with about $69 million; and J.P. Morgan Strategic Property Fund, managed by J.P. Morgan Asset Management, leaving it with roughly $50 million.
The redemptions were made as part of the pension plan's rebalancing of its open-end real estate portfolio. The plan's real estate consultant, Townsend Group, suggested the changes. Mr. Graham said the redeemed funds will be redistributed within the real estate portfolio to funds that have been committed but not fully funded.
The board also followed the advice of its investment consultant, Wilshire Associates, by adding a 5% allocation to gold. The allocation adjustment will be made by increasing the pension plan's leverage to 25% from 20%. No new manager has been selected, and there currently is no timeline for implementing this change.
