Nebraska Investment Council, Lincoln, committed $60 million to UBS Trumbull Property Income Fund, managed by UBS Realty Investors, said Jeffrey W. States, state investment officer.
The council, which oversees $22.6 billion, made the commitment for the $11.5 billion in defined benefit plan assets it oversees. The council previously invested in the UBS Trumbull Property Fund. As of June 30, the council had a total of $112 million invested in TPF.
The TPI fund makes core income-oriented investments with low or no leverage that invests in participating mortgages through real estate assets, while the TPF is diversified core real estate with moderate leverage that invests primarily in direct ownership of real estate assets.
The council also made additional commitments of $60 million of DB plan assets and $5 million for the $1.1 billion general endowment pool to Cornerstone Patriot Fund, an open-end core real estate fund managed by Cornerstone Real Estate Advisers. The council had a total of $55 million invested in the fund as of June 30.
Also, the council made an additional commitment of $30 million to PRISA II, a core-plus real estate fund managed by Prudential Real Estate Investors. The council had a total of $22 million invested in PRISA II as of June 30.
Separately, the council made a follow-on commitment of $7.5 million to Landmark Real Estate Fund VI, managed by Landmark Partners, for the general endowment pool. As of June 30, the council had $22.6 million invested in the fund for its DB plan assets.