Ohio BWC commits $50m to multifamily fund
The $29 billion Ohio Bureau of Workers’ Compensation has committed $50 million to Sares-Regis Multifamily Value-Add Fund II on behalf of the State Insurance Fund, according to Melissa Vince, spokeswoman for the bureau.
The fund, which is seeking to raise $250 million, received a commitment from the New Mexico Educational Retirement Board in April 2015.
This is a first-time commitment to a Sares-Regis Group fund for Ohio BWC. The State Insurance Fund has a 12 percent target allocation to real estate and an 8.9 percent actual allocation to the asset class.
The Sares-Regis Group, based in Irvine, Calif., is a residential and commercial property owner, developer and manager focused on markets in the western United States.