Ohio Bureau of Workers’ Compensation commits $75m to multifamily fund

The $27.2 billion Ohio Bureau of Workers’ Compensation has committed up to $75 million to Brookfield Fairfield U.S. Multifamily Value Add Fund III, according to Melissa Vince, public relations manager for the pension fund.

Brookfield Fairfield U.S. Multifamily Value Add Fund III, managed by Brookfield Asset Management, launched in 2016. It is a value-added real estate fund that will make investments in apartment properties in major markets throughout the United States.

The fund’s predecessor, Brookfield Fairfield U.S. Multifamily Value Add Fund II, held an $805 million final close in September 2014. It received commitments from pension funds such as the California State Teachers’ Retirement System and Florida State Board of Administration.

Ohio BWC has a target allocation to real estate of 12 percent and an actual allocation of 10 percent, as of Dec. 31, 2017.