Document library

ASRS staff real estate asset class section within the May 22, 2025 Board meeting packet (465 pages). RE at 17.45% of total fund as of December 31, 2024. Reports -5.93% 1-year TWR vs benchmark 0.00% (absolute). Notes RE is expected to reach 17% SAAP target by mid-2025. Includes RE manager recommendations approved by IC.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the October 1, 2025 IC meeting. The October 2025 meeting agenda includes the 2025 RE Implementation Plan approval action item, with committee meetings having approved prior manager recommendations and implementation plans in the preceding period.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 25, 2024 IC meeting. Active SMA managers as of Q1 2024: Mill Creek Residential ($2.26B), Related Fund Management ($1.26B + $2.20B), Westcore Industrial ($0.55B), Blackstone RE ($0.40B), Intermediate Capital Group ($710M RE debt). RCLCO co-recommends.

ASRS staff real estate asset class section within the August 28, 2025 Board meeting packet (243 pages). RE at 17.7% of total fund ($10.04B) as of March 31, 2025, above new 15% SAAP target. Reports 0.18% 1-year TWR. Includes consent items for RE manager recommendations. Notes active portfolio management approach to achieve target allocation.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the December 17, 2025 IC meeting, including a $100M SMA commitment and at least two additional RE manager recommendations. Extension consultant RCLCO co-recommends each SMA relationship.

ICM packet for June 3 2026 containing a comprehensive staff review of ACERA's delegated authority for all alternative asset classes, prepared per IC Chair Gamble's April 2026 request. The memo includes a full historical log of all IC and staff-delegated investments since 2020, covering all real estate, real assets, private equity, private credit, and absolute return commitments. Lists real estate commitments including: Clarion Partners Lion Industrial Trust ($43M core 2022), PGIM Real Estate US Debt Fund ($30M 2024), Heitman Value Partners VI ($50M 2024), Starwood Distressed Opportunity Fund XIII ($30M 2024), Artemis Healthcare Fund III ($30M 2025), and upcoming real estate core search placeholders.

ASRS staff memoranda seeking IC approval of multiple RE manager recommendations at the March 26, 2026 IC meeting, including commitments of $200M and $100M to SMA relationships. At least four separate RE recommendations appear as consent or action items. Extension consultant RCLCO co-recommends each manager.

RCLCO Fund Advisors (RFA) 2025 Real Estate Asset Class Implementation Plan presented at the March 26, 2025 IC meeting. Taylor Mammen (CEO, RFA) presents strategy conviction levels, pacing study, target returns by sub-strategy, capital deployment schedule, and SMA manager pipeline for 2025. Action item: board approval of proposed 2025 RE implementation plan.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 28, 2023 IC meeting. SMA manager relationships bundled in consent agenda, co-recommended by RCLCO as extension consultant.

NEPC quarterly investment market environment report and independent oversight section within the October 4, 2023 IC meeting packet (199 pages). Covers macro/capital markets through Q2 2023, real estate market environment, and performance reporting across all asset classes. Presented by Rose Dean, NEPC Partner.

Monthly transaction report disclosing: 754 Fifth Avenue NY refinancing ($400M mortgage); Asana Partners Select Fund ($300M, fund-of-one core and core-plus retail/mixed-use in urban US); Lowe's Bulk Distribution Center Savannah GA via MetLife ($111.4M, 1.2M sf Class A industrial).

Real Estate Asset Class Update presented at the June 2023 IAC meeting by SIO Steve Spook. Covers Q1 2023 ODCE index performance (-4.0% depreciation), total asset class returns (1-year 4.5% vs benchmark 3.5%), quarterly highlights, market overview, and portfolio activity. RE program at ~$20.9B NAV as of 9/30/22.

Asset Class SIO Updates including Real Estate section at the December 2023 IAC meeting. Acting SIO Paul Groom and CIO Lamar Taylor provided RE update discussing market conditions, performance (below YTD benchmark), and long-term fixed rate credit facility implementation. Includes Townsend RE portfolio sector allocation as of 6/30/2023.

Monthly transaction report disclosing: Ares European Property Enhancement Fund IV (€320M, core-plus and value-add in Western Europe/gateway cities); Ares EPEP IV Co-Investment (€100M sidecar alongside). Infrastructure: Copenhagen Infrastructure V (€300M), Copenhagen Infrastructure Co-Investment (€300M), Stonepeak Infrastructure Fund V ($300M).

Full Real Estate Asset Class Review at the March 2026 IAC meeting by SIO Lynne Gray. Covers SBAF RE performance through Q4 2025, RE market update (resilient but selective; 2025 transaction rebound), portfolio composition, fund-level performance data. Real estate returned 0.25%/0.90% over 1Q/YTD 2026 and +3.58% over 1 year. Includes Director of Real Estate and Director of Acquisitions presenting alongside SIO.

Full Real Estate Asset Class Review at the March 2024 IAC meeting. Includes asset allocation transition update as RE target was revised to 12%. Portfolio NAV ~$20.9B (11.6% of TPA). Townsend's Seth Marcus and Jeff Leighton presenting. Covers portfolio evolution (2005–2023), performance, transaction activity, market overview. New CIO Lynne Gray introduced as incoming SIO replacing retiring Steve Spook.

Asset class SIO updates including Real Estate section at the September 2025 IAC meeting. SIO Lynne Gray reported that Real Estate had its first quarter of positive performance since 2022 as of Q1 2025. Includes Major Mandate Performance Review with RE benchmark data. June 3, 2025 minutes also included in this book.

Full Real Estate Asset Class Review presented at the March 2023 Investment Advisory Council meeting. Covers portfolio overview, performance vs. ODCE benchmark, portfolio risk profile, transaction activity, and Townsend Group market commentary. Portfolio NAV ~$21.1B (12.4% of TPA); 13 open-end funds, 8 separate accounts, 50+ closed-end funds/REITs. SIO Steve Spook and Townsend's Richard Brown and Seth Marcus presenting.

Monthly transaction report disclosing: ComRef Homestead Square Cupertino CA via MetLife Separate Account ($87.4M, grocery-anchored retail center); Bell Value-Add Fund VIII ($150M, closed-end multifamily value-add fund in major US markets, new relationship for CRF).

Real Estate SIO update by new SIO Lynne Gray at the June 2024 IAC meeting, included as part of the Major Mandate Performance Review. Includes the SBAF Real Estate Portfolio data as of 12/31/2023 (NAV $18.8B), with sector allocation, transaction activity, and benchmark performance discussion.

Real Estate portfolio performance and SIO updates at the September 2024 IAC meeting. Covers SBAF RE performance as of 3/31/2024 (NAV $18.8B), transaction activity (~$250M new commitments including $150M to US non-core opportunistic funds), portfolio composition and diversification. SIO Lynne Gray presenting. Townsend real estate market overview included.

Full Real Estate Asset Class Review at the March 2025 IAC meeting by SIO Lynne Gray and Townsend Group (Michael Fogliano). Covers SBAF RE performance through Q3 2024, portfolio overview, benchmarks (83.3% NFI-ODCE net + 16.7% NFI-ODCE +150bps), property type return contributions, geographic diversification, and market outlook. RE outperformed primary benchmark over all periods; program at ~$19B targeting 12% of TPA.

Meketa Investment Group presented the OPERF Q1 2024 Performance Review at the May 29, 2024 OIC meeting (TAB 4). Real Estate was the only asset class with negative contribution; total RE portfolio returned -4.7% trailing 1-year. ABKB-LaSalle Advisors REIT sleeve also covered. Real estate assets were noted as continuing to underperform other asset classes in higher rate environment.

Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Philip Chris Ebersole (Investment Officers) with Christy Fields (Meketa) presented the Real Estate Annual Review & 2024 Plan at the March 6, 2024 OIC meeting (TAB 5). Covered open-end core portfolio (Heitman America REIT, Harrison Street Core Property Fund, Prologis Targeted US Logistics Fund, Nuveen U.S. Cities Multifamily, AEW Core Property Trust, GID Mainstay, Walton Street, Sculptor Diversified RE Income Trust), separate account portfolio (Clarion, Lincoln, Regency, Lionstone, Waterton, Ascentris, LBA Industrial, Harrison Street Life Science Core). 2024 plan: $500M–$1B in new commitments.

Meketa Investment Group presented the OPERF Q3 2024 Performance Review at the December 4, 2024 OIC meeting. Real Estate: $13.2B (manager selection contributed to relative returns; overweight Policy marginally detracted). Real Assets: $10.0B outperformed benchmark. Real estate assets noted as continuing to underperform amid higher rate environment.

Staff recommendation (Action Item) presented by Michael Langdon to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for two additional years (through June 30, 2025). Original contract approved April 22, 2020. Bundled in the May 31, 2023 public board book as TAB 8.

Staff presentation by Michael Langdon (Director of Private Markets), Austin Carmichael, Christopher Ebersole, and Sam Spencer (Investment Officers, Real Estate) with consultant Christy Fields (Meketa). Covered 2022 commitments ($1.75B across 9 investments), portfolio performance vs. NFI-ODCE+50bps benchmark.

Quarterly private markets asset listing as of September 30, 2025 showing all SBI real estate, real assets, private equity, and private credit fund commitments with vintage year, committed capital, and fund status. Real estate managers include Carlyle, Rockpoint, Blackstone, Oaktree, Brookfield, TA Realty, TPG Angelo Gordon, Torchlight, and others.

Meketa Investment Group presented the OPERF Q3 2025 Performance Review at the December 3, 2025 OIC meeting. As of September 30, 2025: Real Estate $13.4B (2.8% 1-year return). Real Assets portfolio noted. Includes fixed income annual review and diversifying strategies annual review components.

IAC-endorsed private markets recommendation for the May 2024 cycle, covering up to $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in 10 countries including UK, Germany, France, and Sweden.

Meketa Investment Group and Aon presented the 2026 Capital Market Assumptions at the March 4, 2026 OIC meeting. Detailed real estate return assumptions: Core RE 3.5% real return (higher than 2022), Non-Core RE 5.3%, U.S. REITs 4.1%. Open-End Real Assets 4.9%, Closed-End Real Assets 6.7%. Noted that 2026 reflects higher forward-looking allocation to Core Real Estate and Core Infrastructure.

The January 24, 2024 OIC meeting minutes document a Real Estate Committee approval of a $150M USD commitment to Carlyle Property Investors on November 13, 2023. Disclosed in the Committee Reports section of the January 2024 board book.

Quarterly private markets asset listing as of June 30, 2025, showing all SBI real estate, real assets, private equity, and private credit fund commitments. Provides vintage year, committed capital, and current status for the full real estate manager roster.

Tad Fergusson (Director of Private Markets), Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Chris Ebersole (Investment Officers) presented the Real Estate Annual Review & 2026 Plan at the May 27, 2026 OIC meeting (TAB 4). Portfolio: $13.7B total (71% Core, 27% Non-Core, 2% REITs). Top managers: Lincoln Advisors ($2.3B), GID ($1.8B), Ascentris ($874M), Harrison Street ($825M), LBA ($757M), Prologis ($697M), Clarion ($674M), Regency ($662M), Abacus ($604M), DivcoWest ($483M). 2025 commitments: $417M across Abacus Multi-Family Partners VII ($100M), Clarion Alternative Sectors Fund ($100M EUR), Blue Owl RE Fund VII ($100M), Hines European Property Partners ($117M). 2026 plan: $400M–$750M new commitments. Outperformed NFI-ODCE+50bps across all time periods.

Staff recommendation (Action Item) presented by Gloria Gil to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for an additional two-year period beginning July 1, 2025, and ending June 30, 2027. Presented at the May 28, 2025 OIC meeting as TAB 4 (Real Estate Consultant Contract).

Meketa Investment Group 2024 private real estate pacing plan and portfolio review for ERSRI, covering core and non-core real estate allocation targets, commitment pacing across value-add/opportunistic closed-end funds. Dated February 2024, presented March 27, 2024.

Meketa Investment Group presented the OPERF Annual Review at the October 25, 2023 meeting. Included detailed real estate performance data: total RE portfolio $13.6B (27.8% of fund), core/non-core manager breakdown, ABKB-LaSalle Advisors REIT sleeve performance, and real assets portfolio update. As of June 30, 2023.

Meketa Investment Group presented the OPERF Q1 2025 Performance Review at the September 3, 2025 OIC meeting (TAB 4). As of June 30, 2025: Total Real Estate $13.4B (positive absolute and benchmark-relative returns). Real Assets: $5.0B (strong performance through manager selection and overweight allocation). ABKB-LaSalle Advisors REIT sleeve: 13.5% 1-year return.

The October 22, 2025 OIC meeting minutes document an OST Investment Committee approval (June 17, 2025) of a $100M USD commitment to Hines European Property Partners Fund, L.P. from OPERF. Oregon's second open-ended European fund commitment as part of geographic diversification initiative. Disclosed in the Committee Reports section.

Meketa Investment Group presented the OPERF Q2 2024 Performance Review at the September 4, 2024 OIC meeting. Real Estate: $13.0B (manager selection outperformed; overweight Policy was a meaningful detractor). Real Assets: $9.9B (manager selection contributed positively). DWS presented real estate market update. Includes historical performance tables for ABKB-LaSalle Advisors REIT sleeve.

Monthly combined investment report (start of 3-year window); real estate composite shows Intercontinental U.S. Real Estate (core) and JP Morgan U.S. Real Estate (core plus) in general employees fund (~$63.8M combined at 3.7% of fund).

Quarterly combined investment report; real estate composite shows Intercontinental U.S. Real Estate (~$35.5M, core) and JP Morgan U.S. Real Estate (~$15M, core plus) for general employees fund totaling ~$50.5M at 2.7% of portfolio.

Quarterly combined investment report; real estate composite covers Intercontinental U.S. Real Estate (core, general employees and police) and JP Morgan U.S. Real Estate Income & Growth Fund (core plus).

Monthly combined investment report covering all pension plans; police pension shows new RREEF America II LP (core RE, inception Sep 2024, ~$13.1M) alongside Intercontinental U.S. Real Estate (~$38.9M); general employees holds Intercontinental and JP Morgan RE.

Quarterly combined investment report covering all three City of Atlanta pension plans; real estate composite shows performance of Intercontinental U.S. Real Estate, JP Morgan U.S. Real Estate, and RREEF America II LP.

Staff-led annual review of Stabilized Growth (core real assets) and Non-Traditional Growth (non-core real assets) asset classes presented December 5, 2024; covers strategy, accomplishments, and performance.