The Oregon Public Employees Retirement Fund (OPERF) has approved a $250 million commitment to the AEW Essential Housing Fund, a spokesperson for the pension fund confirmed in an email.
Launched in August, the open-ended fund invests in properties that are affordable to middle- to low-income renters. As of Oct. 18, the fund had collected $188 million from four investors, according to a Form D filed with the SEC.
This was a new fund for OPERF, but not a new manager within the pension fund’s portfolio. OPERF is currently invested in AEW’s Core Property Trust.
Currently, the real estate portfolio has a policy allocation range of 9.5 percent to 16.5 percent. Oregon is currently at 10.6 percent but is expected to be closer to 13 percent once the unfunded commitments are called over the coming quarters.
