# Nebraska Investment Council

Nebraska Investment Council is a Pension Fund based in Lincoln, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Lincoln, United States
- **Region:** North America
- **Address:** Lincoln, NE, United States
- **Founded:** 1969
- **Assets under management:** $45.5B
- **Website:** nic.nebraska.gov

## Regulatory record

- **Reports private funds:** No

## About

The Nebraska Investment Council was established in 1969 by the Nebraska Legislature to provide centralized investment management for the state's retirement and trust funds. It serves as fiduciary for five defined-benefit retirement plans, the $3 billion Nebraska Educational Savings Trust (NEST 529), the Enable Savings Plan, and multiple healthcare and general endowment funds. The Council's constitutional mandate and pooled asset structure — the Operating Investment Pool — allow it to negotiate institutional terms and deploy capital at scale across public and private markets. Equity and fixed-income portfolios are overseen directly by internal staff in Lincoln, while the Council allocates to external managers for real estate, natural resources, and alternative investments. Real estate commitments span global commercial, residential, and timberland strategies, with confirmed positions including UBS Trumbull Property Fund, Kayne Anderson Real Estate Partners VII, Carlyle Realty Partners X, and Almanac Realty Securities IX. The Council accesses energy infrastructure through The Energy & Minerals Group Fund III and EIF United States Power Fund IV, with maritime and timberland exposure via JP Morgan Maritime Global and BTG Pactual Timberland. Direct and co-investment structures appear across the portfolio alongside traditional fund-of-one and commingled vehicles, though the Council does not publicly break out its pacing or vintage-level deployment. The five-member Council includes the State Treasurer and four governor-appointed members serving staggered terms. Gail Werner-Robertson currently chairs the Council alongside her role as president of GWR Wealth Management. State Treasurer Tom Briese serves as ex officio member, providing a direct link to Nebraska's broader fiscal operations. Staff headcount is not regularly disclosed, but the Council operates a lean internal team covering public equities, fixed income, risk management, and operations from a single office in Lincoln. The Council's structural distinction emerges from its pooled operating model: instead of managing plans in silos, it aggregates all entrusted assets into a single investment pool with pro-rata ownership shares. This architecture — common among university endowments but unusual among public pension systems — reduces administrative drag and concentrates negotiation power when selecting external managers. Succession risk remains opaque, though the Council's statutory framework and staggered board terms provide continuity independent of any single administration.

## Sectors

- Real Estate
- Natural Resources
- Infrastructure
- Private Equity

## People

- Ellen Hung — State Investment Officer
- Gail Werner-Robertson — Chair
- Tom Briese — State Treasurer & Ex Officio Member

## Questions

### Who runs investment decisions at the Nebraska Investment Council?

The Council's investment program is led by State Investment Officer Ellen Hung, who serves as CEO and chief investment officer. Hung oversees internal equity and fixed-income teams while selecting and monitoring all external managers. The five-member Council, chaired by Gail Werner-Robertson with State Treasurer Tom Briese as an ex officio member, sets investment policy and approves asset allocation ranges but delegates day-to-day management to staff.

### How does the Nebraska Investment Council structure its real estate portfolio?

The Council invests in real estate through institutional commingled funds, separate accounts, and co-investment vehicles spanning commercial, residential, and specialty property types. Confirmed manager relationships include UBS Trumbull Property Fund, Kayne Anderson Real Estate Partners, Carlyle Realty Partners, and Almanac Realty Securities. The Council also holds timberland exposure through BTG Pactual's timberland strategy and infrastructure-linked real assets through energy and maritime funds.

### How are Nebraska's college savings plans and endowments related to the Investment Council?

The Council manages assets for the Nebraska Educational Savings Trust (NEST), the Enable Savings Plan, the Nebraska Health Care Endowment Fund, and the Nebraska General Endowment Funds — all through a unified Operating Investment Pool. This pooled structure means each plan owns a pro-rata share of the Council's total portfolio rather than maintaining separate asset allocations. The arrangement is governed by Nebraska statutes that designate the Council as the sole investment fiduciary for these state-administered funds.

### What is the Council's governance structure, and how are members appointed?

The Council consists of five members: the Nebraska State Treasurer, who serves ex officio, and four public members appointed by the Governor to staggered terms. The Council elects its own chair — currently Gail Werner-Robertson, who also serves as president of GWR Wealth Management, a private advisory firm. Day-to-day investment operations are managed by State Investment Officer Ellen Hung and a professional staff headquartered in Lincoln.

## Related profiles

- [Nean Wealth Advisors](https://altss.com/profile/nean-wealth-advisors)
- [Nebraska Investment Council Defined Benefit Plan](https://altss.com/profile/nebraska-investment-council-defined-benefit-plan)

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Last updated: 2026-07-08T22:17:12.878Z

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