Idaho Endowment Fund Investment Board, Boise, in 2015 will invest in real estate for the first time, said Larry Johnson, manager of investments.
The board, which oversees $1.8 billion in endowment assets, approved investing $150 million in at least one U.S. open-end private commercial real estate fund by November at the latest. The board is looking for a fund with a bias toward low leverage, Mr. Johnson said.
Staff and investment consultant Callan Associates will conduct an invitation-only search. A specific timeline, the number of funds to which the board will make commitments, and a funding source have yet to be determined, Mr. Johnson added.
As of Jan. 31, the asset allocation was 31.4% domestic large-cap equities, 30.5% fixed income, 14.4% international equities, 9.2% domestic midcap equities, 8.5% global equities, 5% domestic small-cap equities, and 1% cash.