Wyoming State Loan and Investment Board, Cheyenne, committed £82.5 million ($132 million) to M&G Real Estate Debt Fund III, a closed-end, value-added real estate fund managed by M&G Investments, confirmed Michael Walden-Newman, chief investment officer.
The fund has a primary focus in the U.K., with a secondary focus on Germany, taking on real estate debt positions collateralized by commercial real estate assets.
Mr. Walden-Newman wrote in an e-mail that the commitment complements the board's other value-added real estate commitments and brings the real estate portfolio to its target allocation of 7.5% of total assets.
Investment consultant R.V. Kuhns & Associates assisted.
The board oversees the state's $11 billion in permanent funds, including the $6 billion Permanent Mineral Trust Fund, $2.8 billion Common School Permanent Land Fund and five other funds. The board also oversees $5.5 billion in state operating funds, which by state law invest in only cash and fixed income.