OP&F slates $75m for cold storage fund

The $18.68 billion Ohio Police & Fire Pension Fund (OP&F) has approved a $75 million real estate commitment to WPC New Cold III, an opportunistic closed-end fund managed by Westport Capital Partners.

The fund is focused on owning and operating automated temperature-controlled storage facilities in the United States, Europe and Asia Pacific. WPC New Cold III already has secured more than $342 million of capital commitments, according to the IREI.Q database. The fund also counts the New Mexico State Investment Council, which committed $150 million to the fund in April, among its investor base. A fundraising target was not known at the time of publication.

This represents OP&F’s fourth real estate commitment of 2024, which puts total commitments slightly above the targeted amount. OP&F’s real estate portfolio is valued at $1.84 billion, or 9.9 percent of the total portfolio. The target allocation for real estate is 12 percent.