ULLICO and the State of Montana are exploring the possibility of ULLICO's J for Jobs program investing in state economic development projects, said Daniel Fox, director of real estate equity for Union Labor Life Insurance. J For Jobs, ULLICO's $2.2 billion open-end commingled mortgage portfolio, invests only in projects with "all the stars aligning," referring to market conditions, acceptable developers' profiles and sufficient amounts of equity, among other things. Mr. Fox said representatives for several pension funds attended a March 18 meeting on possible investments in state projects, but he declined to identify the funds. He said there are no subsequent dates scheduled to revisit the matter, but he noted that further discussions could take place.
The State of Montana's chief business officer, Evan Barrett, did not return a call seeking comment by press time.