After a 16.5% year-to-date gain, the $20.85B Ohio Police and Fire Pension Plan is channeling up to $525M into real estate and real assets for 2026, with a focus on data centers and infrastructure.
According to investment notes shared by David Graham, communications director at the fund, the plan approved between $200M to $300M in commitments for real estate. The real estate portfolio totals $1.93B, or 9.2% of the total portfolio, below its 12% target.
During its December meeting, the board approved a $50M allocation to Cloud Capital Fund I. The open-end, core-plus fund will focus on wholesale data centers in top markets in the U.S. and Europe. Cloud Capital Fund I is part of the firm’s global data center investment platform, which has acquired more than $5B in assets since its launch in 2020, and forms the foundation of Cloud Capital’s core-plus strategy targeting high-quality data centers in tier-one, high-barrier markets.
Within real assets, OP&F plans to maintain its focus on infrastructure investments next year, with between $125M to $175M in new commitments. The real assets portfolio stands at $1.35B, or 6.5% of the total portfolio, compared with its 8% target.
Ohio’s investment consultant, Wilshire Associates, reported that the pension’s gross-of-fees performance was 14.3% for one year, 13.3% for three years, 11.2% for five years and 9.7% for 10 years. The fund returned 16.52% to date through Nov. 30, with the portfolio growing by $2.35B over the period, net of all cash flows.
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