WASHINGTON, D.C. — Ullico Investment Advisors’ Real Estate Equity Group (REEG) ended 2024 by adding $20 million to its Closed-end Value-add Real Estate Equity Fund. The allocation brings the total capital raised by REEG to $125 million
“Thanks to the efforts of an amazing team, we’re halfway to our goal of raising $250 million,” said Jim Darcey, Managing Director of the REEG. “Meanwhile, we are actively investing alongside operating partners, having closed three investments with a gross value of $99.9 million.”
REEG launched in 2023 to develop a suite of real estate equity funds for institutional investors. These products are intended to complement Ullico’s successful “J for Jobs” real estate debt fund and its diversified Ullico Infrastructure Fund, which together invest assets in excess of $10 billion.
“We see this fund as another opportunity to serve institutional clients as their real-asset investment manager of choice,” said Joeseph R. Linehan, President of Ullico Investment Advisors.
Ullico’s Value-Add Real Estate Fund I is a closed-end vehicle that will invest alongside high-quality operating partners in real estate assets with value-creation potential. The team will employ hands-on asset management, repositioning, renovation, redevelopment, development, and recapitalization strategies to achieve value-add returns for its investors.
The Fund will invest across all property types in primary, secondary, and tertiary markets with a target transaction size of between $15 million and $60 million and hold periods of 3 to 5 years. The Washington, DC-based management team will leverage its existing network of operating partners and actively cultivate new relationships to support the Fund’s investment strategy.
“Good things happen when the labor movement invests in itself. With the launch of our real estate equity fund, we’ll put even more union dollars to work in ways that will seek to grow pension funds, create union jobs, and strengthen local communities,” said Brian J. Hale, CEO and President of Ullico Inc.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded in 1927, Ullico is a mission-driven company that pursues opportunities across its businesses to protect and grow its investor’s assets and contribute to the social, economic, and environmental wellbeing of the communities in which they operate.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
The Ullico Value-Add Real Estate Fund I, L.P. (“Fund”) is a Delaware limited partnership designed to permit qualified institutional purchasers to invest in real estate equity investments located in the United States. The Fund is not registered under the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, or under state securities laws. The Fund is offered and sold to a limited number of persons that are “Accredited Investors”, as such term is defined in Regulation D under the US Securities Act of 1933, as amended, and “Qualified Purchasers”, as such term is defined under the U.S. Investment Company Act of 1940, as amended. The portfolio will consist primarily of real estate equity investments in commercial properties located in the United States. The benchmark is the National Council of Real Estate Investment Fiduciaries (NCREIF) vintage year NFI-CEVA Index.
Investment in the Fund involves significant risk, including the potential risk of loss of a substantial portion (or all) of the amount invested. Real estate equity investments are speculative and illiquid. Investments made in the Fund may provide limited diversification, and the Fund may incur high management fees and expenses. Eligible investors should carefully read the Fund offering documents before making an investment.
Ullico Investment Advisors, Inc. (“UIA”) is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) in accordance with the Investment Advisers Act of 1940, as amended. Ullico Investment Advisors, Inc. has two majority-owned subsidiaries: Ullico Infrastructure Management Company, LLC and UIA Investment Management, LLC. Both are Relying Advisers in reliance upon an umbrella registration of UIA. The firm’s full list of composite and pooled fund descriptions is available upon request. The Fund will be sold through Ullico Investment Company, LLC, a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation (http://www.finra.org, http:/www.sipc.org/.