Document library

CalPERS Investment Committee agenda staff memo for Item 6c, March 13 2023. Trust Level Review Consultant Report introducing Wilshire and Meketa semi-annual program reviews. Meketa RE Semi-Annual Review (Dec 31 2022) is Attachment 4; Meketa Infrastructure is Attachment 5.

Albourne presented inaugural Infrastructure, Natural Resources, and Real Estate quarterly review covering capital budgeting, pacing, market commentary, and performance as of September 30, 2022.

Board voted to approve up to $600M commitment to CBRE U.S. Core Partners Fund, an open-end core real estate fund focusing on logistics, residential, and growth sectors in the US.

NYC Police Pension Fund March 2023 meeting package including Townsend Group real estate Q3 2022 quarterly report; portfolio targets 7% (+/-2%) to real estate vs NFI-ODCE+100bps benchmark; lists LaSalle Property Fund, Heitman HART, Blackstone, TPG, Carlyle, and other active fund holdings.

Board approval page for the March 2, 2023 SBI meeting confirming authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V. Also includes policy decision expanding private markets allocation range.

GP presentation for TA Realty Associates XIII, a U.S. value-add fund targeting industrial, multifamily, office, and grocery-anchored shopping centers. Minnesota SBI considered a commitment of up to $200M, approved at the March 2, 2023 board meeting.

IAC staff recommendation memo for the February 21, 2023 meeting endorsing commitments of up to $200M to TA Realty Associates XIII (U.S. value-add industrial/multifamily/office/grocery-anchored retail) and up to $100M to AG Asia Realty Fund V (Asia opportunistic).

Board voted to approve up to $600M commitment to Clarion Lion Properties Fund, an open-end core real estate fund focusing on industrial, multifamily, office, retail, and life sciences in the US.

RVK annual non-core real estate pacing study for VPIC recommending $60M/year in commitments over 2023-2027 to reach the 4% non-core real estate target. Reviews existing portfolio including Hammes Fund IV and Angelo Gordon Fund XI.

Staff memo disclosing UC Investments' $4B strategic investment in Blackstone Real Estate Income Trust (BREIT); CIO discusses 11.25% minimum return target.

ICM packet for January 11 2023 containing Callan's semiannual real estate portfolio review for the period ending June 30 2022, presented by Avery Robinson of Callan LLC. Covers ACERA's real estate portfolio returns, market conditions, sector and manager diversification. Also includes Verus private equity and real assets performance reviews for the same period.

Board of Retirement staff report (File 22-491.1) recommending approval of the 2023 Real Estate Pacing Plan; targets up to $100M in RE commitments split between core (including RE debt) and non-core strategies.

Complete asset listing as of March 31, 2023 including all real estate and real assets investments with book and fair values.

February 9, 2023 Investment Committee packet containing Q4 2022 performance report and Asset-Liability Study Phase I with Callan 2023 Capital Market Assumptions. Private Real Estate target 9.7% (range 10-16%). Core Real Estate 5.75% 10-yr return assumption (Bloomberg Commodity benchmark also shown). Liquid Real Assets target 13%. Correlation matrix shows Core Real Estate 0.98 correlation to itself, 0.46 to broad equities. Real estate cash flows and capital calls projections included.

Verus Investments Q4 2023 (period ending December 31, 2023) investment performance review for ICERS. Presented at the February 21, 2024 board meeting. Covers investment landscape, portfolio performance, and investment manager fee analysis.

Callan Capital Market Review Q3 2025. Real estate valuations start to stabilize. Real Estate 1.2% Q3, 4.6% 1-yr, 3.8% 5-yr. NCREIF Property positive. ODCE style returns and transaction volume trends. Shows market stabilization narrative with multifamily and industrial recovery. Public REIT comparison included. Private RE market trend analysis.

American Realty Advisors (ARA) annual update on the American Strategic Value Realty Fund to ICERS at the September 17, 2025 board meeting. 36-year history, $11.0B AUM, 100% employee-owned, 600+ institutional clients. Cover image features Canopy, Inland Empire, CA.

American Realty Advisors (ARA) presentation of the American Strategic Value Realty Fund to ICERS at the September 18, 2024 board meeting. 36-year history, $11.3B AUM, 100% employee-owned. Presenters: Josh Brodsky and Ivy Holz.

American Realty Advisors (ARA) presentation of the American Strategic Value Realty Fund to ICERS at the September 20, 2023 meeting. Covers 35-year history, $12.3B AUM, core/core-plus/value-add strategies, fund strategy and portfolio. Presenters: Michael Link and Josh Brodsky.

ASB Capital Management update on the ASB Allegiance Real Estate Fund (~$6.1B open-end core fund) to ICERS at the September 17, 2025 board meeting. Data as of June 30, 2025. Presented by Frank Nigro and David Quigley.

Verus Investments Q2 2025 (period ending June 30, 2025) investment performance review for ICERS. Presented at September 17, 2025 board meeting. Includes investment landscape, portfolio performance, HarbourVest International VI extension request, IR+M guideline amendment, and William Blair global equity team update. ICERS total fund at $1.35B.

Verus Investments Q4 2024 (period ending December 31, 2024) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2025 capital market assumptions and asset allocation analysis.

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.

Board Action Request for approval of a commitment to TA Realty Value-Add Fund XIV, presented to the CTPF Investment Committee on September 11, 2025.

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.

Investment Committee presentation for Adams Street Lake LaSalle Fund III re-up, a diversified real estate fund co-branded with LaSalle Investment Management, presented at CTPF on June 10, 2025.

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.

Callan Capital Market Review Q2 2025. 'Agg Up 1.2% as the...Real Estate Sectors...Activity Perks Up.' Private real estate gains in Q2 2025 but REITs struggled vs equities. Transaction activity ticked up. ODCE style and NCREIF Property performance tables included. Includes section on real estate sector performance including multifamily, industrial, data centers. Private and public RE comparative returns across 1-yr to 20-yr.

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.

April 10, 2025 Investment Committee packet. ODCE style and NCREIF performance included. Real Estate ODCE 0.9% Q1, NCREIF 1.3% Q1. Total Real Estate at ~$480M (8.0% actual vs 7.0% target). ODCE redemption queues 16.4% of NAV. Principal Diversified Real Assets performance included. Real Estate Performance Review scheduled for May 8, 2025. Historical value add analysis since 1995.

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.

May 4, 2023 Investment Committee quarterly performance packet. Real Assets at 9.7% target vs ~20.4% actual (overweight). Real Estate -0.9% Q1 2023 (rank not shown). ODCE index negative. Principal Diversified Real Assets performance reviewed. Capital calls for real estate in 2023 projected. Callan Public Fund Sponsor Database comparison included. Abbott Capital PE performance update.

Callan Capital Market Review Q4 2025. 'Real assets delivered.' Real Estate 1.2% Q4, 4.9% 1-yr, 3.8% 5-yr. NCREIF Property Q4 data. Real assets broadly positive Q4 2025. ODCE redemption queues analysis. Private RE market narrative with transaction volume and cap rate data. Public REIT vs private RE comparison. Includes 2026 capital market projections context.

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.

April 16, 2026 Investment Committee packet. Primarily fixed income manager presentations (PPM America). Callan 2026 capital market assumptions context for real estate with Core Real Estate target 8.7%. Real estate allocation per revised structure: Core 8.7%, Non-Core 0%, Public DRA 0%. Tariff and trade policy economic context from JP Morgan. Manager due diligence report included.

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.