Idaho Endowment Fund Investment Board, Boise, approved a commitment of $160 million to CBRE U.S. Core Partners Fund, an open-end core real estate fund managed by CBRE Investment Management, said Chris Anton, manager of investments, in an email.
The board, which oversees $3.2 billion in state endowment assets, conducted a shortlist search for a core real estate manager after deciding to increase its real estate target to 10% from 8%, Mr. Anton said.
The board had decided to transition from its holdings in the UBS Trumbull Property Income Fund, which Mr. Anton described as a participating loan fund, into a core private real estate fund.
Once the board completes the transition to the CBRE fund by mid- or late summer, he said half the new real estate target will be allocated to the new fund, and half to the board's existing investment in DWS RREEF America REIT II, an open-end real estate investment trust fund managed by DWS Group. As of Dec. 31, the board's investments in the UBS fund and DWS fund were $107 million and $101 million, respectively.
Mr. Anton said the fixed income target had been reduced to 24% from 26% to fund the higher target to real estate.
As of Dec. 31, the actual allocation to real estate was 6.3%.
Investment consultant Callan assisted.
