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.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).