Ohio commits $40m to PIMCO debt fund
The $12.7 billion Ohio School Employees Retirement System has committed $40 million to Bank Recapitalization and Value Opportunities Fund III (Bravo III), according to highlights from the pension fund’s June 20 board meeting.
Bravo III is an opportunistic real estate fund that will invest in debt secured by properties globally. The closed-end fund seeks to raise $5 billion in total equity commitments and has raised $2.25 billion so far.
The fund’s predecessor, Bravo II, raised $5.5 billion in 2014, exceeding its $4 billion equity target.
As of March 31, 2017, Ohio has a target allocation to real estate of 12 percent with an actual allocation of 15.5 percent.