Investors - NOVEMBER 20, 2014

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Public pension fund commits $50m to opportunistic fund

by Reg Clodfelter

The $14.4 billion Ohio Police & Fire Pension Fund has committed $50 million to AEW Partners VII, according to Dave Graham, communications manager with the retirement system.

AEW’s opportunistic fund targets distressed properties in primary and secondary markets, particularly nonperforming and defaulted loans where the title to the underlying property can be obtained, as well as high-quality assets that can be obtained at significant discounts to replacement cost from lenders selling as a result of balance sheet or regulatory pressure. Most of the fund’s investments will be in North America, though approximately 15 percent of the portfolio may be invested elsewhere.

The commitment is OP&F’s second investment within the tactical portion of its real estate portfolio in 2014, following a $50 million commitment in March to Greystar Equity Partners VIII, a value-add fund targeting multifamily properties that had an $800 million final close

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