Ohio BWC commits $75m to multifamily fund

Ohio Bureau of Workers’ Compensation 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 is a value-added, closed-end real estate fund seeks to make investments in apartment properties in major markets throughout the United States. The fund has raised $456.3 million so far, according to a filing with the SEC.

The fund’s predecessor, Brookfield Fairfield U.S. Multifamily Value Add Fund II, held an $805 million final close in September 2014.

As of Dec. 31, 2017, the Ohio Bureau of Workers’ Compensation had a target allocation to real estate of 12 percent and an actual allocation of 12 percent.