Ullico | Ullico Investment Team Puts Fund Dollars to Work
Ullico Bulletin

Ullico Investment Team Puts Fund Dollars to Work

Ullico's investment vehicles help institutional investors seek competitive returns while putting union members and contractors to work on real estate and infrastructure projects. With $4.0 billion in assets under management, Ullico Investment Advisors manages assests for 259 investors whose investments have had a significant economic impact. In fact, Ullico investments have supported the creation of more than 25,500 jobs that have generated more than $180 million in state and local taxes, since October 1, 2012.

As jobs are created, workers earn personal income and contributions to their fringe benefit funds. In what amounts to a virtuous cycle, those funds can be reinvested back in projects that create jobs. As a result, communities grow stronger while workers’ futures are secured. In 2016, Ullico invested in several real estate projects nationwide. Notable projects include construction of the Atrium Wellness Center in Chestnut Hill, Mass., a mixed-use office and retail space; and One Vanderbilt, a commercial office building in New York, N.Y.

At the same time, Ullico supported investment in the country's aging infrastructure through the Ullico Infrastructure Fund (UIF). Since 2012, UIF has made 8 investments totaling $400 million. In 2016, UIF closed on two deals that will support the country’s energy generation and distribution needs.

The West Deptford Energy Station, a 751-megawatt combined cycle natural gas electric generating facility currently operating in New Jersey, supplies energy, capacity, and ancillary services into the PJM Interconnection, the world’s largest wholesale power market spanning 13 states.

The CPV Towantic Energy Project, a 785 MW combined cycle natural gas electric generating facility being constructed in southwest Connecticut, will sell energy, capacity, and ancillary services into ISO-New England, a wholesale power market spanning six states in the New England region.

NOTE: Separate Account J is offered through a group annuity contract issued by The Union Labor Life Insurance Company (Union Labor Life) and is sold through Ullico Investment Company, Inc. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Accounts will only be offered to qualified institutional and accredited investors. Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor’s units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments. Furthermore, the loan values determined by Union Labor Life could vary significantly from the prices at which the investments would sell because market prices can only be determined by negotiation between a willing buyer and seller. The ability of borrowers to repay loans issued by the Fund will typically depend upon the successful construction or operation of the related real estate project and the availability of financing. The repayment of loans issued for the construction of multifamily housing (i.e. condominium loans) will generally depend on the borrower's ability to sell the underlying housing units. There is no guarantee that Union Labor Life will attain its investment objectives. Potential investors in the Fund should carefully read the Fund Disclosure Memorandum for a description of the potential risks associated with investment in the Fund.

NOTE: UIF is managed by Ullico Investment Advisors, Inc. and is sold through Ullico Investment Company, Inc. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. ("UIA") is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended ("Act"). UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.

Investment Services at a Glance

as of September 30, 2016

¹Direct union impact figures provided by a 2014 economic impact study performed by Pinnacle Economics through input-output analysis utilizing IMPLAN modeling software. The study was performed using estimated project costs and union prevailing wage data from state departments of labor as provided by Ullico Investment Advisors, Inc. Jobs, Hours of Work and FTE figures reflect totals over the life of the project. All construction impacts are temporary in nature, and unfold as construction spending unfolds. This is an illustration of the projected economic impact of selected commercial real estate projects. All projections assume the completion of the relevant construction project which can depend on several factors including borrowers meeting all lending obligations. Projections are based on overall project costs which include the participation of Separate Account J.
²Estimated AUM equals $234 million as of 6/30/16 plus net flows and estimated return during 3rd quarter.
³Investment commitments of $652.1 million include $117.6 million in pending acceptances, which represent awards pending completion of the Subscription Agreement.

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