US - The US$64.5bn Ohio Public Employees Retirement System is searching for direct investment opportunities in a variety of property types as well as through open-ended core funds and closed-end opportunity funds.
Mary Beth Shanahan, assistant investment officer for real estate, said: “We will continue to seek acquisition opportunities through separate accounts while we research and commit to fund opportunities, including international funds.”
OPERS has invested US$705m in commingled fund commitments to its real estate portfolio over the past seven months.
The fund is working towards a commingled fund commitment target of US$2.3bn by 2008, as approved under a new mandate in 2002. OPERS’ real estate portfolio returned 14.29% at the end of 2004.
The new open-ended real estate commingled fund commitments, all made in the fourth quarter of last year and first quarter of 2005, include US$200m to a JP Morgan Strategic property fund, US$200m to PRISA and US$100m to PRISA II.
Closed-ended investments include US$100m to Five Arrows IV, US$50m to Fremont Property Partners II, US$30m to Bryanston Realty and US$25m to Och Ziff Real Estate Fund.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.