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The $104bn US pension has acquired interests in eight funds, having previously been an active seller on the secondaries market.
The Dune Capital Management co-founder exited his interests for at least $4m to comply with conflict of interest rules.
The real estate secondaries space is challenging for established players, let alone for new entrant Neuberger Berman.
The firm hired an executive from Deutsche Bank’s secondaries business to lead the venture.
The secondaries firm expects to wrap up fundraising by the end of the year for its latest real estate secondaries vehicle, according to Connecticut's pension plan.
The pension system also detailed its real estate fee changes from 2014-15.
The endowment, which allocated $405m to venture capital and private equity last fiscal year, tapped the CIO of Michael Bloomberg’s family office for the role.
Tax ramifications should be a foremost consideration when approaching secondaries in an asset class that has extra layers to consider compared with private equity.
Two major real estate secondaries fundraises show the strength of the market and investor appetite for the investment strategy.
The firm used its $1.8bn REIT to acquire a diversified portfolio of limited partnership interests in 41 private equity real estate funds.
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