The Ohio Bureau of Workers Compensation Board is looking to raise its target allocation for core and core-plus real estate to 13% from 10%, IPE Real Assets reported.

According to the report, the pension fund's investment consultant RVK is reviewing the plan, and a final decision could be made after a board meeting in May.

In a board meeting document, RVK said it remains optimistic on real estate in comparison to other asset classes, despite a reduction in capitalization rates.

The pension fund has a core portfolio worth $2.1 billion, while its core-plus portfolio is valued at $474 million, the publication noted.