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Ohio pension commits $50m to Beacon fund

The School Employees Retirement System of Ohio is committing up to $50m to Beacon Capital’s latest $6bn fund, Beacon Capital Strategic Partners VI.

The retirement board of the $11.6 billion (€7.4 billion) School Employees Retirement System of Ohio (SERS) has approved an investment of up to $50 million in Beacon Capital Strategic Partners VI. The system was not available for comment.

Boston-based Beacon launched its latest real estate fund in May, targeting $6 billion. The vehicle, which held its first close in April, continues with Beacon’s focus on office properties in key urban, knowledge-based cities. Beacon closed its fifth value-added fund, Beacon Capital Strategic Partners V, on $4 billion last year beating its initial target of $3 billion in equity commitments.

The School Employees Retirement System of Ohio, based in Columbus, provides pension benefits to the state’s active and retired non-teaching public school employees.