Document library

Delegated investment report disclosing up to $100M commitment to Brookfield Strategic Real Estate Partners V (opportunistic real estate), closed August 28, 2023.

Aon investment consultant Q2 2023 quarterly performance review including real estate asset class (NCREIF ODCE benchmark), attribution analysis, and asset allocation context for TRS $196B portfolio.

ICM packet for September 6 2023 for the general investment consultant finalist interviews (Callan, Meketa, NEPC, Verus). Contains Cortex Consulting's comparative analysis of finalists including their real estate consulting capabilities, fees, and recommendation. NEPC was ultimately selected. The packet details real estate consulting fee proposals ($180K–$280K/year) and notes that NEPC does not advise ACERA on real estate investments (Callan retained as RE consultant).

Presentation and consideration of Blue Owl Real Estate Fund VI, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $200M announced at November 2023 IAC meeting. Blue Owl is a top-5 manager by NAV in CRPTF RE portfolio. Net-lease focused value-add strategy.

Marquette Associates monthly flash report for Aug 2023 IC meeting; real estate composite at 6.8% of portfolio ($113.4M) across American Realty, Morgan Stanley, and UBS Trumbull; NFI-ODCE benchmark tracking.

ERS staff FY2024 private real estate capital plan (Aug 2023) outlining commitment schedule Sep 2023–Aug 2024; portfolio stats as of Dec 2022: $6.4B committed, 12.3% IRR, $3.8B fair market value.

Verus annual total portfolio performance review including a 2023 Real Assets Outlook section covering commercial real estate dislocations, infrastructure valuations, and CCCERA's private RE portfolio update as of June 30, 2023.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2022; $5.2B NAV, 8.7% net IRR since inception.

PSERS staff recommendation to commit $300M to Brookfield Strategic Real Estate Partners V, L.P. (BSREP V). Fund targets office, retail, multifamily, logistics, hospitality, and alternative sectors (life sciences, manufactured housing, student housing, senior living, self-storage) globally. Target fund size $15B. Board resolution August 11, 2023.

Hamilton Lane quarterly RE performance update for SBCERS covering Q2 2023 results; 2023 commitments include Stockbridge Value Fund V, KSL Capital Partners Credit Opportunities Fund IV, and NW1 IOS REIT.

NEPC quarterly IPA; records Realterm European Logistics Fund II ($75M, RE) and Kildare Partners IV ($100M, Real Assets) approved Apr–Jun 2023.

NEPC monthly flash report with full private real estate partnership performance (20+ positions including LaSalle, Kayne Anderson, Dalfen, IPI Data Centers, Torchlight, ABR Chesapeake) and real assets partnerships (Grain Communications Funds II and III).

FEG Q1 FY2024 investment update reviewing endowment pool real estate sub-class allocation and performance.

TRS IMD annual real estate portfolio review: 2022 performance vs NCREIF ODCE, capital plan ($1.9B for 2023), spotlight on office-sector underweighting; presented by Grant Walker at July 13, 2023 IMC meeting.

BCI 2022-2023 annual report with real estate equity and debt program performance sections covering QuadReal managed portfolios, sector rotation, and Canadian/global allocations.

Meketa quarterly performance update covering all asset classes including real estate core and non-core allocations for COPERS as of June 30, 2023.

Verus Advisory real assets outlook and performance review prepared for TCERA as of June 30 2023 covering private real estate and infrastructure.

Second quarter 2023 performance review by Wilshire Advisors including private real assets and real estate manager-level data; portfolio $50B.

Aksia LLC consultant recommendation memo recommending a $300M commitment to Brookfield Strategic Real Estate Partners V (BSREP V). Brookfield Property Group has ~$260B AUM. Fund targets opportunistic return across diversified global real estate sectors. Dated June 22, 2023.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2023 (quarter ended March 31, 2023). Core portfolio down -0.4% led by Prologis U.S. Logistics. Non-Core top performers: Sculptor RE Fund III (+10.1%), NREP Nordic Strategies Fund II (+9.4%). No new commitments were made during Q1 2023.

CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2023 (Item 6e Attachment 1, June 20 2023 meeting). 22-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives. Presented by Sarah Corr, Daniel Booth.

CalPERS Investment Committee agenda staff memo for Item 6e, June 20 2023. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2023 (Item 6e Attachment 2, June 20 2023). Covers portfolio returns, sector allocation, leverage, and market commentary. 14 pages.

UTIMCO Real Return team (Edward Lewis, Mukund Joshi) presents $10.4B real return portfolio covering private real estate (-0.6% IRR), infrastructure (+9.5% IRR), and natural resources; discusses Co-GP real estate initiative; SAA shift to 9% RE and 9% infra targets.

STRS Ohio annual investment plan for fiscal year 2024, adopted June 2023; RE near 10% neutral target; international focus on Japan logistics, Europe distressed; direct portfolio reducing office exposure.

ICM packet for June 14 2023 containing Verus semiannual performance reviews for December 31 2022 (private equity, private credit, real assets) and March 31 2023 (total fund), plus the GIC finalist selection meeting (Cortex search criteria and firm profiles for Callan, Meketa, NEPC, Verus). Real estate and real assets performance attribution included in total fund review section.

Real Assets Committee packet including StepStone Real Estate Performance Review presentation, Albourne Real Assets Performance Review presentation, and GRESB sustainability benchmark update.

Presentation and consideration of Penwood Select Industrial Partners VII, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Industrial value-add fund continuing Penwood's select industrial series. Part of CRPTF's 2023 RE deployment cycle.

IMD staff real estate program review covering sector analysis, recent commitments since 3/31/2022 (TPG RE IV, BREP X, BlackRock World REITs, Prime Storage NC, RXR NC), allocation, cash flows, performance, and pacing.

IMD staff real estate portfolio update covering Q1 2023 allocation, commitments since 3/31/2022 ($1.5B including BREP X, TPG RE Fund IV, Prime Storage NC SMA, RXR NC SMA), and StepStone-sourced performance data.

NEPC asset allocation review for PSPRS presented May 2023. Presents alternative asset mix scenarios for the $18.5B fund, with real estate allocation scenarios ranging 5-20%. Updated 2023 capital market assumptions: Real Estate Core 4.5% (revised down -0.3%), Real Estate Non-Core 5.7% (-0.4%), Private Debt RE 5.8% (+0.6%). Includes strategic views on real assets as diversifier and correlation matrix analysis. Allan Martin and Rose Dean presenting.

Board approval page for the May 25, 2023 SBI meeting, confirming final authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V.

Meketa Investment Group consultant memo to ERS Board on private real estate portfolio covering Q4 2022 market conditions; rising rates, negative leverage, frozen debt capital markets, and portfolio performance as of Dec 31 2022.

ERS staff annual review of public real estate ($805M, 2.4% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

Meketa Investment Group due-diligence summary memo on Berkeley Partners Value Industrial Fund VI for ERSRI's non-core real estate allocation. Dated May 15, 2023.

Verus Investments Q1 2023 (period ending March 31, 2023) investment performance review for ICERS. Covers investment landscape and portfolio performance including real estate allocation. Presented at the May 17, 2023 board meeting.

Meketa April 2023 capital markets and asset allocation review; no change to allocation recommended. Meketa was DERP's investment consultant until October 2023 when NEPC was selected via RFP.

Hamilton Lane quarterly RE performance update for SBCERS covering Q1 2023 portfolio results, commitment activity including Hillwood US Industrial Club VI, High Street Value Fund I, and H.I.G. Europe Realty Partners III deal reviews.

Callan's periodic asset allocation review for NYSTRS presented to the Investment Committee in April 2023, covering strategic asset allocation recommendations including real estate equity (target 11%) and real estate debt (target 6%).

Delegated investment report disclosing $75M commitment to Stockbridge Value Fund V (value-add real estate), closed April 18, 2023.

ICM packet for April 12 2023 containing Callan's ACERA Real Estate Investment Plan (2023–2024), including portfolio composition, performance attribution, pacing study, and investment recommendations. Callan recommended increasing core real estate commitments of approximately $150 million before end of 2024, plus continued non-core (value-add and opportunistic) commitments. Also reveals prior commitments to Artemis Healthcare Fund II ($25M), CBRE Value Fund 9, and Starwood Fund XII ($40M).

Meketa quarterly performance update covering all asset classes including real estate allocation vs. targets for COPERS as of March 31, 2023.

NEPC's 2023 annual capital markets assumptions presented to PSPRS Investment Committee. Covers 10-year and 30-year return forecasts for 70+ asset classes using building-block methodology. For real estate: Core 8.83% (10yr), Non-Core 4.00%, Private Debt RE 5.8%. Includes full asset allocation review for PSPRS with real estate at 11% target and discussion of real estate/real assets strategic outlook. Data as of 12/31/2022.

StepStone real estate Q3 2022 quarterly report embedded in NYCERS March 2023 investment meeting agenda book; shows portfolio profile, new commitments (EQT Exeter Industrial Value Fund VI, EQT Exeter Industrial Core-Plus Fund IV), and performance.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2022 (Item 6c Attachment 4, March 13 2023). Covers portfolio returns, sector and geographic allocation, leverage policy compliance, and market commentary. 12 pages.