Key Takeaways
- • Nebraska Investment Council has filed redemption requests totaling $358.6m (€304.5m) across three open-ended funds in its core and core-plus real estate portfolio.
- • The council is fully redeeming its $159m stake in the UBS Trumbull Property Income Fund and its entire $101m holding in PGIM Real Estate's PRISA II fund.
- • It has requested to redeem $98.6m of its $298.7m investment in the Clarion Partners Lion Properties Fund.
- • Proceeds are expected from the third quarter of 2026 and will fund $75m to $100m in non-core commitments and a future core-plus allocation to reach the plan's target real estate exposure.
Summary
The Nebraska Investment Council has filed $358.6m (€304.5m) in redemption requests across three open-ended real estate funds that make up its core and core-plus real estate portfolio, according to a board meeting document prepared by consultant Aksia and reported by IPE Real Assets.
The largest exit is the council's full $159m investment in the UBS Trumbull Property Income Fund, a real estate debt fund that had total commitments of $4.6bn as of February 2025. The council has been an investor since 2015. It is also fully redeeming its entire $101m holding in PRISA II, a core-plus fund managed by PGIM Real Estate, in which the pension fund has been a limited partner since 2007.
The council has further requested to redeem $98.6m from its $298.7m investment in the Clarion Partners Lion Properties Fund, which it first committed to in 2018. The remaining position in Lion Properties will stay in place.
The council expects to begin receiving redemption proceeds in the third quarter of 2026. It plans to use the capital to fund $75m to $100m in non-core real estate commitments and a future core-plus allocation, with the goal of reaching its plan's target real estate exposure.
The largest exit is the council's full $159m investment in the UBS Trumbull Property Income Fund, a real estate debt fund that had total commitments of $4.6bn as of February 2025. The council has been an investor since 2015. It is also fully redeeming its entire $101m holding in PRISA II, a core-plus fund managed by PGIM Real Estate, in which the pension fund has been a limited partner since 2007.
The council has further requested to redeem $98.6m from its $298.7m investment in the Clarion Partners Lion Properties Fund, which it first committed to in 2018. The remaining position in Lion Properties will stay in place.
The council expects to begin receiving redemption proceeds in the third quarter of 2026. It plans to use the capital to fund $75m to $100m in non-core real estate commitments and a future core-plus allocation, with the goal of reaching its plan's target real estate exposure.
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