Ohio Police & Fire Commit $175M to Real Estate, Private Credit

The Ohio Police and Fire Pension Fund (OP&F) has approved three commitments to real estate and private credit totaling $175 million, according to a recent news release.

In real estate, $75 million was allocated to AEW Partners Real Estate Fund X. OP&F has an existing relationship with AEW with investments in AEW VII and AEW IX funds. 

An additional $75 million was allocated to Oaktree Real Estate Opportunities Fund IX. The Oaktree fund primarily focuses investments in the US but has a global component that includes Europe and Asia. OP&F also invests in Oaktree VIII. 

In private credit, $25 million was committed to MC Credit Fund IV Levered Fund. This is OP&F’s second commitment to MC Credit Partners. The investment is a part of the 2023-2024 Private Credit Investment Plan, bringing it to a total of $200 million so far.

As of March 5th, the portfolio had a market value of $17.74 billion with 10.4% being allocated to real estate. The target allocation for real estate is 12%. 3.1% of the total portfolio is allocated to private credit with a long-term target of 5%. 

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