Canada鈥檚 Manulife Asset Management has launched a US real estate fund, attracting capital from Ohio Police & Fire Pension Fund.
The open-ended, core-plus fund will be managed by Manulife Real Estate, a subsidiary that operates under the name of John Hancock Real Estate in the US.
Ohio Police & Fire confirmed to IPE Real Estate that it is committing $50m (鈧�46.6m) to the fund, which has yet to make any acquisitions.
Manulife, which declined to comment, launched its first real estate funds platform in 2011, enabling third-party investors to invest in a Canadian real estate fund.
In 2015, the company hired former American Realty Advisors director for the newly created role of head of real estate fundraising.
According to Ohio Police & Fire, the new fund will focus on apartment, office and industrial assets in major east and west-coast markets.
The Townsend Group advised the pension fund on its commitment to the fund.
It represents the pension fund鈥檚 first real estate investment of the year. Ohio Police & Fire plans to make up to $170m of real estate investments in 2017.
