ITEM TITLE:
Approval of Permanent Fund Investment with TA Realty Core Property Fund in the amount of $5 Million
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $5,000,000
Unencumbered Balance: $5,000,000
Funding Source: 607-1004-10354 Permanent Fund; proceeds from rebalancing
RECOMMENDATION:
Approve Permanent Fund Investment with TA Realty Core Property Fund in the amount of $5 Million.
SUMMARY STATEMENT:
During the September 2nd quarterly meeting the Permanent Fund Committee unanimously approved replacing an underperforming manager (UBS Trumbull Property Fund) with a new manager, TA Realty Core Property Fund.
Portfolio rebalance liquidation orders yield proceeds of $5 million for the initial investment with TA Realty CPF.
Legal has reviewed the attached documents and has approved them as to form.
Upon approval, Finance staff anticipates funding this initial $5 million investment within seven business days, and request redemption of all funds from UBS Trumbull Property Fund. UBS TPF has a significant redemption queue and will redeem funds quarterly until the request is satisfied. As redemptions come in from UBS TPF, they will be invested in TA Realty CPF.