Reno Foundation approves $5m commitment to a Canadian private real estate fund

The University of Nevada foundation has backed a fund focused on Canadian multi-residential properties.

Institution: University of Nevada, Reno Foundation
Headquarters: Reno, United States
Total AUM: $215.80m
Allocation to Alternatives: 27.09%
Bitesize: $1-5m

Reno Foundation committed $5 million to Woodbourne Canada Partners Fund IV, according to approved board meeting minutes. The investment firm targets Canadian multi-residential properties with strong prospects for cash flow and attractive risk adjusted returns.

The University of Nevada foundation cited limited institutional competition within the Canadian market as a reason for committing to the fund, though is wary of key person and currency risks.

The $215.80 million university foundation currently allocates 27.09% of its portfolio to alternatives.

As illustrated below, Reno Foundation’s last recorded private real estate commitment was to WCP Real Estate Fund IV, of vintage year 2014.

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