Document library

Verus Investments Q1 2025 (period ending March 31, 2025) investment performance review for ICERS. Includes investment landscape, portfolio performance, and a recommendation for additional commitments to Sixth Street Diversified Credit Program (DCP).

Verus Investments Q3 2023 (period ending September 30, 2023) investment performance review for ICERS. Presented at the November 15, 2023 board meeting. Covers investment landscape, fund performance, and private markets program review.

ASB Capital Management presentation of the ASB Allegiance Real Estate Fund (core, open-end, ~$8.1B GAV) to ICERS at the September 20, 2023 meeting. Q2 2023 update covering platform, fund overview, portfolio transformation, and outlook. Presented by Frank Nigro and David Quigley.

Clarion Partners annual update on the Lion Properties Fund (core open-end) to ICERS at the September 17, 2025 board meeting. Presenters: Reza Basharzad (Managing Director) and Chris Perino (Senior Associate, Portfolio Management).

ASB Capital Management Q2 2024 update on the ASB Allegiance Real Estate Fund (~$6.5B GAV, open-end core) to ICERS at the September 18, 2024 board meeting. Covers platform overview, portfolio transformation, and market outlook. Presented by Frank Nigro and David Quigley.

Verus Investments Q3 2024 (period ending September 30, 2024) investment performance review for ICERS. Covers investment landscape, portfolio performance, and private markets program review. Notes real estate allocation relative to 10% policy target.

Verus Investments Q3 2025 (period ending September 30, 2025) investment performance review for ICERS. Total fund value $1,349,086,723 as of September 30, 2025. Includes investment landscape, portfolio performance, and private markets program review. Presented at November 19, 2025 board meeting.

Verus Investments Q2 2023 (period ending June 30, 2023) investment performance review for ICERS. Covers investment landscape, portfolio performance by asset class including real estate, and private markets program. Includes Verus 2023 Real Assets Outlook and discussion of private real estate in Taft-Hartley portfolios.

Verus Investments Q2 2024 (period ending June 30, 2024) investment performance review for ICERS, as posted on the ICERS website. Covers investment landscape and portfolio performance by asset class including real estate.

Callan Capital Market Review Q1 2025 distributed to CMERS. Real Estate/Real Assets section: private real estate valuations were positive in Q1 2025. ODCE redemption queues at 16.4% of NAV. Real Estate ODCE Style 1.3% Q1. NCREIF Property 1.3% Q1. Transaction volume remains lower vs 2022. Multifamily and industrial driving confidence. Cap rate analysis included. Public REIT performance vs private RE comparison.

Clarion Partners annual update presentation of the Lion Properties Fund (core open-end, 42-year history, Franklin Templeton subsidiary) to ICERS at the September 18, 2024 board meeting. Covers firm overview, fund strategy, portfolio, and performance. Presenters: Reza Basharzad, Jessica Betts, and Chris Perino.

Verus Investments Q2 2024 (period ending June 30, 2024) investment performance review for ICERS, presented at September 18, 2024 meeting. Includes investment landscape, portfolio performance, Audax Direct Lending Solutions Fund I recommendation, and active management environment analysis. Real estate allocation shown at 8.5% vs 10% policy target.

Verus Investments Q4 2025 (period ending December 31, 2025) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2026 capital market assumptions and asset allocation analysis, and investment manager fee analysis.

Clarion Partners presentation of the Lion Properties Fund (core open-end) to ICERS board at the September 20, 2023 meeting. Covers firm overview, fund strategy, portfolio composition, and performance. Fund had ~$79.8B AUM at time of presentation.

Staff recommendation memo for Long Wharf Real Estate Partners VII, a value-add closed-end real estate fund, presented to the CTPF Investment Committee on August 22, 2023.

Verus Investments Q1 2024 (period ending March 31, 2024) investment performance review for ICERS. Presented at the May 15, 2024 board meeting. Covers investment landscape, portfolio performance including real estate allocation, and 2024 strategic asset allocation analysis.

Verus Investments Q4 2022 (period ending December 31, 2022) investment performance review for ICERS. Presented at the February 15, 2023 board meeting. Includes IRR vs TWR methodology discussion and discussion of real estate sector performance in the context of rising interest rates.

Board Action Request for approval of Long Wharf Real Estate Partners VII commitment, presented at the CTPF Investment Committee on August 22, 2023.

Callan Capital Market Review Q1 2024 distributed to CMERS. Both NCREIF and ODCE dropped in Q1 2024. Real Estate/Real Assets section covers private and public real estate performance, ODCE redemption queue trends, transaction activity, and capital market conditions. Includes ODCE style returns vs NCREIF Property.

Fund presentation deck for LaSalle Value Partners US IX, L.P. presented to VCERA at the March 27, 2023 Business Meeting. VCERA approved a $75 million commitment.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $100 million commitment to Sculptor Real Estate Fund V at the September 30, 2024 Board Retreat & Business Meeting.

Callan Capital Market Review Q2 2024 distributed to CMERS. ODCE redemption queues declining. Real Estate/Real Assets section includes ODCE performance, transaction volume trends (lower vs 2022), recovering confidence in multifamily and industrial. Private and public real estate performance tables with 1-yr to 20-yr returns. REIT performance included.

Quarterly performance packet for CMERS Investment Committee meeting September 7, 2023. Real estate section shows full manager lineup: JP Morgan (2.50% target, $133.9M), Morgan Stanley (2.70% target, $150.1M), LaSalle (2.30% target, $114.6M), Prologis Non-Core (1.30% target), and new Harrison Street core fund placeholder (0.90%). Total Real Estate target 9.70%. Includes Principal Diversified Real Assets performance (13% target). Abbott Capital private equity sections also included.

Updated Real Estate Investment Policy Statement reviewed May 7, 2026. Formalizes CMERS real estate strategy: 100% Core and Core-plus open-end funds benchmarked to NFI-ODCE; no new non-core investments; non-core legacy portfolio in wind-down. Target 12% (private real estate), range 9-15% (note: 6% minimum through March 31, 2027 for manager restructure). Single manager cap 35% of RE portfolio. Leverage target 25% portfolio-wide. Primary U.S. investments. Includes redline comparison to prior policy.

NEPC investment consultant memorandum recommending VCERA's $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

NEPC investment consultant joint fund recommendation report for Sculptor Real Estate Fund V presented to VCERA at the September 30, 2024 Board Retreat & Business Meeting. Supported $100M commitment.

Callan quarterly Capital Market Review for Q3 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property institutional real estate performance in Q3 2023. Shows ODCE index performance, market trends, transaction volume, valuations, and redemption queues. Includes private real estate return data across multifamily, industrial, office, and retail sectors with 1-yr, 3-yr, 5-yr, 10-yr, 20-yr trailing returns.

Callan Capital Market Review Q3 2024 distributed to CMERS. Real Estate section shows ODCE 0.8% Q3 return, -3.5% 1-yr, 3.3% 5-yr. NCREIF Property 16.1% Q3 (note: different valuation methodology). Includes analysis of ODCE redemption queues at approximately 13% of NAV, transaction volume trends, cap rate stabilization, and multifamily/industrial recovery narrative.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

Quarterly performance report in the February 8, 2024 Investment Committee packet. Covers Q4 2023 performance including real estate (NFI-ODCE benchmark, 9.7% target). Shows Total Real Estate at 3.07% actual vs 9.7% target as of year-end 2023. Principal Diversified Real Assets 4Q performance included. Callan Public Fund Sponsor database comparison. Also contains Loomis Sayles and MFS guideline amendments.

Callan quarterly Capital Market Review for Q4 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property and NFI-ODCE 4Q23 performance. Driven by falling rates, ODCE returned negative in Q4. Shows private RE performance across 1-yr to 20-yr, ODCE redemption queues, cap rate trends, and transaction activity. Public REIT performance also included.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2024. Real estate composite returned 2.6% for 3Q24 (+2.8% vs benchmark). Portfolio at $8.29B / 22.0% of fund. Full manager-level attribution for core, core-plus, non-core, REIT managers.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 2025. Total real estate at $6.87B / 20.3% of fund. Covers core (Principal, UBS TPF, JPMCB SPF, TA Realty) and non-core (AEW, Heitman, Westbrook, Invesco VA, TA Associates) with full attribution.

August 2024 board book featuring formal Real Estate Asset Class Review (Tab 7) presented by Ethan Hurley and Rob Samson. Investment update (data as of June 30 2024) lists FY2024 new RE commitments: Oak Street Real Estate Capital Fund VI LP ($50M CAPP), AW-Fergus Ventures LLC ($75M CAPP/$50M TFIP), Westport-Stillwater Venture LLC ($75M CAPP). FY2025: Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Portfolio at $2.645B, -4.16% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2025. Total real estate at $8.29B / 22.04% of fund. Full manager-level attribution covering core, core-plus, non-core and REIT managers.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 31, 2026. Total real estate at $7.98B (21.4% of fund). Covers core (TA Realty Core Property, Invesco US Income Fund), core-plus, and non-core managers with full attribution and benchmark comparison. Includes capital market assumptions.

Formal Real Estate Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the May 20 2026 board meeting. Covers CAPP allocation 7-15% (currently 7.14%), investment constraints, deal flow 2021-March 2026, commitment pacing, types of managers (DRA Advisors as allocator example, Walton Street as debt example), current strategy (continued focus on RE debt growth, vertically integrated operators, reducing open-end core). Investment update (data as of March 31 2026) shows FY2026 commitments: Sterling United Properties Fund I, Sweet Grass-Equus II, Walton Street (2nd). RE at $2.999B total portfolio, 3.33% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of June 2024. Real estate returned -0.4% during 2Q, -8.4% fiscal year. Includes capital market assumptions update and asset allocation review with real estate at target 10% policy weight.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2024. Covers all core, core-plus, and non-core managers. Total real estate approximately 20% of fund. Private RE market trends analysis including redemption queues and dry powder data.