Ohio pension fund commits $50m to real estate fund
The Ohio Police & Fire Pension Fund has committed $50 million to Gerrity Retail Fund II, a value-added real estate fund sponsored by Gerrity Group. This is the pension fund’s first commitment to a Gerrity fund.
Gerrity Retail Fund II focuses on primary-market community shopping centers in the western United States — mainly California. Gerrity is seeking $300 million of equity for the fund. Solana Beach, Calif.–based Gerrity plans to contribute up to $5 million to the fund.
Ohio Police & Fire has 9.6 percent of its $14.7 billion portfolio invested in real estate. The pension fund has a target allocation to the asset class of 12 percent