The $14.5 billion Ohio Police & Fire Pension Fund (OP&F) has approved its first real estate investment of the year: a $60 million commitment to a residential fund managed by Waterton.
Waterton is a vertically integrated real estate investment company with a focus on U.S. multifamily, senior living and hospitality properties. The company manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions.
Waterton XIV — the fund OP&F has invested in — will follow a value-add strategy, targeting multifamily investments in the United States.
According to recent investment notes, OP&F has earmarked between $110 million and $160 million to invest in real estate throughout 2020.
As of March 31, OP&F’s real estate portfolio was valued at $1.69 billion, comprising 12.1 percent of the total portfolio. OP&F has a 12 percent target to the real estate asset class.
