Wyoming State Loan and Investment Board, Cheyenne, committed $150 million to Northwood Real Estate Partners, a value-added real estate fund managed by Northwood Investors, confirmed Michael Walden-Newman, chief investment officer.
The commitment to the commingled fund, which seeks investments in retail, hospitality and multifamily properties in the U.S. and Europe, brings the board closer to its 7.5% target allocation to real estate, Mr. Walden-Newman said in a telephone interview.
Mr. Walden-Newman said the board is currently negotiating one other commitment to bring the board’s real estate investments to its target allocation.
Investment consultant R.V. Kuhns & Associates assisted.
The board oversees the state's $11 billion in permanent funds, including the $6 billion Permanent Mineral Trust Fund, $2.5 billion Common School Permanent Land Fund and five other funds. The board also oversees $5 billion in state operating funds, which by state law invest in only cash and fixed income.