Wyoming State Loan and Investment Board, Cheyenne, approved a commitment to IDR Core Property Index Fund.
The board approved the commitment to the open-end core real estate fund managed by IDR Investment Management at its Oct. 28 meeting, a notice on its website showed.
The amount of the approved commitment was not provided, but in a presentation included with meeting materials, real estate consultant Aksia recommended committing a total of $300 million to the IDR fund: $161 million from the board’s existing interest in Clarion Lion Properties Fund, an open-end core real estate fund managed by Clarion Partners (reducing its interest to about $521 million), and the entirety of the board’s existing interest — or about $139 million — in UBS Trumbull Property Fund, an open-end core real estate fund managed by UBS Asset Management.
The Wyoming State Treasurer’s Office has a full redemption request pending with the UBS Trumbull Property Fund, according to the presentation, subject to a redemption queue timeline of at least three years.
Wyoming State Loan and Investment Board oversees a total of $30.3 billion in state assets, which includes the $11.5 billion Permanent Mineral Trust, $7.3 billion State Agency Pool of operating funds, $5.4 billion Common School Permanent Land Fund and $2.6 billion Workers Compensation Fund.
