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Sign in Sign up for a FREE subscriptionOP&F makes first real estate commitment of 2021, records 9.2% return for 2020
The $17.7 billion Ohio Police & Fire Pension Fund (OP&F) has approved a commitment of up to $60 million to the Cortland Enhanced Value Fund V, following a recommendation from The Townsend Group. This will be OP&F’s first real estate commitment of 2021.
Cortland Enhanced Value Fund V is a closed-end, value-add apartment fund that will focus on growth markets in the U.S. southeast and southwest regions.
In a recent investment report, OP&F disclosed that it is also an investor in the Cortland Partners Growth and Income Fund, an open-end, core-plus multifamily investment vehicle.
As of Jan. 31, OP&F real estate portfolio was valued at $1.6 billion, accounting for 9.6 percent of the total portfolio. The pension fund has a 12 percent target allocation to real estate.
OP&F also recorded a 9.2 percent return for 2020, following a fourth quarter performance review presented by general investment consultant Wilshire. The report showed that
