Idaho Endowment Fund Investment Board, Boise, committed $75 million each to open-end real estate funds RREEF America II, managed by Deutsche Asset & Wealth Management, and UBS Trumbull Property Income Fund, managed by UBS Asset Management, said Larry Johnson, manager of investments.
They are the first real estate investments for the board, which oversees $1.8 billion in endowment assets. The board approved an invitation-only search in February for a fund or funds with a bias toward low leverage.
Morgan Stanley was the other finalist.
Investment consultant Callan Associates assisted.