The Nebraska Investment Council allocated $10 million to Metropolitan Real Estate Partners Secondaries & Co-Investments Fund (SCIF) on Monday.
The pension plan made two commitments to the Metropolitan Real Estate Equity Management’s funds in 2008. It allocated $20 million to Metropolitan Real Estate Partners VI, a global value-add fund, and $10 million to Metropolitan Real Estate Partners International III. Chicago-based Aon Hewitt Investment Consulting is the state’s investment consultant.
Metropolitan, a subsidiary of The Carlyle Group, held a closing for the fund last November, picking up $70 million in allocations. The vehicle is split equally between co-investments and secondaries investments, with secondaries deals focused on acquisitions of limited partner fund stakes. The firm is targeting $450 million for the fund.
Metropolitan is said to have identified a pipeline of $800 million in secondaries transactions alone. Although LPs can invest directly in SCIF, they also can invest through its global multi-manager fund, Metropolitan Real Estate Partners Global VII. The vehicle is a feeder fund that offers allocations to both the domestic and international sleeves of the multi-manager fund, as well as SCIF.
Carlyle acquired Metropolitan in 2013 and made it part of its Solutions Group, which also includes AlpInvest Partners and hedge fund platform Diversified Global Asset Management. Metropolitan currently oversees more than $2.8 billion of client capital worldwide.
A Carlyle spokesman declined to comment.