Burlington (Vt.) Employees Retirement System committed $15 million to UBS Trumbull Property Fund, an open-end core real estate fund managed by UBS Realty Investors, its first real estate investment, said Jim Strouse, chairman of the board, in an e-mail.
The $153 million pension fund issued an RFP in January for its first allocation to real estate, considering open-end core, core-plus or value-added real estate funds. Bailard and Principal Real Estate Investors were also finalists.
The pension fund began managing its own investments at the beginning of 2016; previously they were managed by the Vermont Pension Investment Committee, Montpelier.
Investment consultant Dahab Associates assisted.