Ohio Police & Fire commits $75m to Alterra IOS Venture III

Ohio Police & Fire Pension Fund has committed $75 million to Alterra IOS Venture III, a fund managed by Alterra Property Group.

Investing in the industrial outdoor storage (IOS) sector, IOS Venture III is seeking $750 million in fundraising, and has a $850 million hard cap. The fund will invest in the United States, looking at IOS properties such as storage, truck parking, equipment repair, container yards and building materials. Focusing on transaction sizes between $5 million and $15 million, Alterra will seek to capitalize through a value-added strategy, similar to the past two vintages of its IOS Venture series fund, which was first launched in 2016.

With $17.2 billion of assets under management, the commitment from Ohio Police & Fire will push its portfolio closer to its long-term target allocation to real estate of 12 percent. As of July 31, the fund’s real estate holdings made up 11 percent of its portfolio.

The second vintage of Alterra’s IOS