Ohio Police & Fire slates up to $100 million for Jadian Evergreen Fund

Ohio Police & Fire has slated up to $100 million for the Jadian Evergreen Fund, the open-end core-plus vehicle that Jadian Capital manages across industrial outdoor storage, land lease communities and industrial research and development facilities, IREI reported. The commitment lands in a $22 billion plan whose real estate sleeve carried $1.96 billion of market value on Aug. 31, or 8.65 percent of plan assets against a 12 percent target.

That 3.35 percentage point gap works out to roughly $700 million of exposure at the plan size OP&F reports, which makes the Jadian check about a seventh of the distance to target and means the real estate book has to grow by more than a third from today's level to reach the target. Because the commitment is only slated at up to $100 million, and an open-end fund draws capital at the manager's call, the money is likely to arrive over several quarters rather than in one closing; how OP&F plans to close the rest of the gap, and through which vehicles, remains open.

Jadian is small by the standards of the managers that typically take pension checks: PRED's records put the firm at $3.0 billion in registered assets, with 23 employees across 43 accounts. Its August purchase of a $167 million Staten Island IOS site was the second public price marker the sector produced in a week, following a record debt refinancing. The Evergreen Fund spreads the mandate across outdoor storage yards, land lease communities and industrial R&D buildings, which means the pension is buying the sector's cash flows across several lease types rather than one property type.

The industrial outdoor storage bid has been building on debt as much as land. Apollo wrote a $277 million loan against 37 infill sites for JIOS this year, pushing that borrower's 2026 debt past $800 million and handing lenders a reference point for pricing the ground beneath the yards, while Realterm's recent Massachusetts acquisitions traded on improved buildings, not acreage. Together the deals give the sector public marks on both raw land and tenant-ready facilities, in the debt and equity markets alike. For a plan underweight real estate generally, one open-end commitment holding three property types is a way to add exposure without timing a single vintage.

Even fully drawn, the $100 million leaves OP&F roughly $600 million short of its 12 percent real estate target. Whether further commitments follow in the same open-end format, and on what schedule, is the part that remains open.