North Dakota State Investment Board, Bismarck, committed $30 million to the JPMorgan Asset Management Greater Europe Opportunistic Property Fund and $15 million to its Greater China Property Fund, confirmed Steve Cochrane, executive director. These are the first international real estate commitments for the $3.7 billion fund, which has a total of $300 million in real estate, Mr. Cochrane said. The investments were added for diversification and to boost returns.
Most of the funding for the commitments comes from reducing existing real estate investments with JPMorgan: $100 million in its Strategic Property Fund, $40 million in a value-added Special Situation Property Fund and $30 million in its Alternative Real Estate Fund. Additional funding comes from reducing a $130 million real estate portfolio run by INVESCO. Mr Cochrane was not able to provide the breakouts.
No RFPs were issued, and no consultant assisted.