Nebraska Investment Council, Lincoln, committed $30 million to Pine Brook Capital Partners II, a private equity fund managed by Pine Brook Partners, confirmed Jeffrey W. States, state investment officer.
It is a first-time commitment to the manager for the council, which oversees a total of $20.5 billion in assets.
Separately, the council voted at its meeting Monday to create a new 5% target allocation to bank loans within its 30% target to fixed income.
Funding will likely come from core and core-plus fixed income. While the council's fixed-income managers have been free to invest in bank loans, it's the first time the council will commit specifically to bank loans.
The council also voted to increase its target to real estate to 7.5% from 5% over the next two to three years, Mr. States said. Specifics regarding the funding source have yet to be determined but will likely come from equities or fixed income.
Investment consultant Hewitt EnnisKnupp assisted. The council does not issue RFPs.
