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Real Estate Equity Investments

We invest in U.S. real estate assets through fund vehicles designed to meet the risk and allocation needs of our institutional investors.

Ullico expands investment management into real estate equity through closed-end value-add fund. Learn more


Ullico’s Real Estate Equity Group (REEG) is a commercial real estate investment advisory team managing investment strategies to meet the needs of institutional investors. REEG invests across multiple markets and property types with the goal of generating attractive and consistent risk-adjusted returns.

What Sets Ullico Real Estate Equity Apart?

  • Client-Focused

    We are a mission-driven company that puts the needs of our clients first.

  • Disciplined

    We take a meticulous approach to due diligence and analysis to achieve attractive and consistent risk-adjusted returns.

  • Tenant-Centric

    We track tenant trends and invest accordingly, knowing that attracting and retaining tenants is fundamental to successful real estate investing.

  • Accountable

    Our investment professionals manage fund assets throughout their lifecycle, ensuring continuity and accountability.

  • Experienced

    We are a veteran team of real estate investment professionals with an average of over 20 years of investing experience.

  • Partner-Focused

    Our professionals maintain extensive relationships with joint venture partners, developers, lenders and brokers.

Current Investment Strategies

Ullico Value-Add Real Estate Fund I, LP

A closed-end fund that invests alongside high-quality operating partners in real estate assets with value-creation potential through hands-on asset management, repositioning, renovation, redevelopment, development, and recapitalization, including preferred equity and distressed loan acquisition.

Investment Criteria:

  • Total deal size: $15 million to $50 million
  • Holding period: 3 to 5 years
  • Markets: Primary, secondary, and tertiary markets
  • Property Type: All sectors

Future funds will be investor and market driven and designed to produce appropriate risk-adjusted returns.

Meet Our Real Estate Investment Professionals

Responsible Investing

Responsible Investing

We follow a Responsible Contractor Policy and contribute to the social, economic, and environmental wellbeing of the communities in which we invest.

Learn More

Contact Our Sales Professionals

Ullico Value-Add Real Estate Fund I, L.P.

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. It is anticipated that the Fund will conduct the first close in January 2024. 

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:/