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Callan quarterly performance review for Mississippi PERS real estate portfolio as of November 2024. Real estate returned -0.2% for the month (-0.4% vs benchmark), 2.4% fiscal YTD (+1.3% vs benchmark). Portfolio at $8.43B / 22.2% of fund.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of December 2024. Total real estate at $8.30B / 22.04% of fund. Includes full manager-level attribution for all real estate managers and private real estate market outlook.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2025. Total real estate at $7.49B / 21.4% of fund. Covers Principal Capital, TA Realty Core Property, UBS Trumbull, JPMCB SPF in core; AEW Partners, Heitman VP, Westbrook RE Funds, Invesco VA Funds in non-core.

Callan quarterly executive summary for Cook County Fund through June 30, 2023. Private real estate returned -2.93% for the quarter. Notes active management in private real estate added value over longer periods. Covers full portfolio performance attribution.

Callan quarterly executive summary through June 30, 2025. Fund at $14.2 billion. Full RE manager-level portfolio: Artemis Income & Growth Fund ($44.7M), Artemis Income & Growth Fund II ($4.4M), Artemis RE Fund IV ($11.3M), Basis Real Estate Fund II ($19.5M), Brasa RE Fund III ($2.2M), Clarion Lion Industrial Trust ($174.8M), LaSalle Income & Growth Funds VI ($3.4M) and VIII ($18.6M). Alert on J.P. Morgan Strategic Property Fund fee credit extension (~$209M).

PERSI CIO Richelle Sugiyama memo introducing the 2023 annual review of the real estate program. Presenters: Callan (Sally Haskins, Jonathan Gould), AEW (Michael Byrne, Patrick McLaughlin), and D.B. Fitzpatrick (Brandon Fitzpatrick, Casey Macomb). Reviews AEW separate account, PGIM PRISA core fund, Adelante REIT, and Idaho Commercial Mortgage Program (CMP).

Callan quarterly executive summary for Cook County Fund through December 31, 2023. Fund market value $12.8 billion. Private real estate section notes NCREIF Property Index fell 4.1% and NCREIF ODCE dropped 4.8% in 4Q23 due to appreciation losses. REITs surged +16.2%.

AEW Capital Management (Ron Pastore) presents to DPFP Board on RCH (RED Consolidated Holdings) and Camel Square at May 2023 board meeting. $40M in distributions YTD from AEW portfolio. Annual presentation on status and liquidation plans.

Callan quarterly executive summary for Cook County Fund through March 31, 2024. Fund market value $13.2 billion. Real estate was the weakest S&P 500 sector at -1.1%. Private real estate allocation and REIT performance reviewed against benchmarks.

AEW Capital Management (Ron Pastore, Mark Morrison) updates DPFP Board on RED Consolidated Holdings (RCH) portfolio management and plans. Real Estate at ~13.1% of total portfolio ($241M NAV vs. 5% IPS target), with liquidation a priority.

Callan quarterly executive summary through June 30, 2024. Fund at $13.3 billion. Features manager alerts for J.P. Morgan Strategic Property Fund (redemption request filed, ~$240M invested due to personnel changes) and LaSalle Investment Management Income & Growth Funds VI & VIII (~$26M). Non-core RE emerging manager RFP results discussed.

Callan quarterly executive summary for Cook County Fund through March 31, 2023. Covers asset allocation, total fund and asset-class-level performance including private real estate (NCREIF NFI-ODCE benchmarked), REITs, and review of alternative investment managers.

IPERS revised Private Markets Investment Policy Statement presented for review at September 2023 meeting by Bill Bemis and Kris Rowley (Board subcommittee). Effective October 1, 2023. Covers private equity, private credit, and private real assets portfolios. For real estate: core RE minimum 80% of RE portfolio; non-core max 20%. RE leverage limits: 40% portfolio, 50% property (core), 60% property (non-core). No single RE investment >0.5% total fund value; no >20% interest in any commingled fund. Return objective: exceed NCREIF ODCE, net of fees, over rolling 10-year periods. Includes investment descriptions for permitted real estate types including core, non-core, and market-driven opportunities.

Callan quarterly executive summary through September 30, 2025. Fund at $14.7 billion. Full RE portfolio table: Prudential PRISA Real Estate ($254.5M), Artemis Income & Growth Fund ($45.1M), Artemis Income & Growth Fund II ($12.5M), Artemis RE Fund IV ($11.1M), Basis Real Estate Fund II ($19.9M), Brasa RE Fund III ($4.3M), Clarion Lion Industrial Trust ($175.1M), LaSalle Income & Growth Fund VI ($3.4M), LaSalle Income & Growth Fund VIII ($18.1M), Mesirow RE Value III LP ($32.7M), Mesirow RE Value IV LP ($31.7M), Mesirow RE Value V LP ($18.5M).

Clarion Partners (David Dow, Taylor Epperson, Spence Sowa, Bohdy Hedgcock) presents results of their analysis on the 4100 Harry Hines building – DPFP's own headquarters property – to determine if DPFP should continue to own the building.

Callan quarterly executive summary through March 31, 2025. Fund at $13.4 billion. Private real estate returned -0.21% for quarter. Detailed manager alerts: Artemis Real Estate Partners acquisition by Barings/MassMutual (~$57M in Income & Growth Fund and RE Fund IV); Clarion Partners (~$176M in Lion Industrial Trust). Infrastructure returned 2.31%.

AEW Capital Management (Ron Pastore, Mark Morrison, Sara Cassidy) presents an update to DPFP Board on RED Consolidated Holdings (RCH) portfolio, covering asset dispositions and land sales driving distributions back to the pension. $48.4M in proceeds received earlier in 2024.

NEPC's full quarterly performance report covering the period ending September 30, 2024. Includes FCERA's total real estate allocation of $512.9M (7.4% of portfolio). Core open-end holdings: Invesco Core Real Estate (~$56.9M) and Harrison Street Core Property Fund ($153.2M). Closed-end portfolio (1-quarter lagged as of June 30, 2024): Ares US RE Fund X (v.2021, $30M committed), Ares US RE Opportunities Fund III (v.2019, $30M), Gerding Edlen Green Cities III (v.2016, $40M), Invesco RE US Fund VI (v.2022, $75M), Invesco US Value-Add Fund V (v.2019, $50M), Kennedy Wilson RE Fund V (v.2016), Kennedy Wilson RE Fund VI (v.2022), Oaktree RE Opp Fund VIII (v.2019, $20M), PCCP Equity IX (v.2020, $30M). Total closed-end commitment: $400M. RE policy target 8.0% (range 0–21%). Total fund AUM ~$6.9B.

AEW Capital Management (Mark Morrison, Sarah Cassidy) updates the DPFP Board on its separate-account management of RED Consolidated Holdings (RCH), a 50/50 JV with RED Development (Phoenix-based retail/mixed-use operating company), and on the wind-down of Camel Square (exited Q1 2025). AEW has managed since February 2015. Real estate NAV ~$152M at the time of the meeting.

AEW Capital Management (Ron Pastore) presents annual portfolio update to DPFP Board on RCH and Camel Square (Phoenix). AEW took over management from CDK in February 2015; RCH holds operating retail/mixed-use properties primarily in Southwest US.

Callan quarterly executive summary for Cook County Fund through September 30, 2023. Fund market value $12.0 billion. Private real estate allocation with commentary on NCREIF index decline and REIT performance. Reviews alternatives including hedge funds and private equity.

Callan quarterly executive summary through September 30, 2024. Fund at $13.9 billion. Manager-level RE detail: Artemis Income & Growth Fund, LaSalle Income & Growth Fund VIII, PGIM PRISA Real Estate Fund (~$254M). Alert on PGIM Private Alternatives CEO departure. J.P. Morgan Strategic Property Fund redemption request confirmed (~$233M). Private real estate returned 0.65% for quarter.

AEW Capital Management (Ron Pastore) presents to DPFP Board covering RCH (only remaining CDK-era investment, $49.3M distributions since 2022 from land sales) and Camel Square (15.5-acre Phoenix site, ~$69M total distributions to DPFP since 2019, nearly fully wound down). Last AEW presentation was November 2023.

Callan quarterly executive summary through December 31, 2024. Fund at $13.5 billion. Private real estate returned 0.65% for quarter, -3.11% over trailing year. Artemis Income & Growth Fund listed as active manager. Year-end RE portfolio review including core open-end and non-core closed-end exposures.

Monthly transaction report disclosing: Brookfield Strategic Real Estate Partners V Co-Invest (N) ($125M, co-investment fund alongside BSREP V, Brookfield Asset Management).

RVK combined 2026 pacing study covering private equity, non-core real estate, and private credit for VPIC. Non-core RE section recommends $100M/year for 2026-2030 (up from $70M) to reach 4% target from 2.4% current allocation. Portfolio shows Siguler Guff DREOF II, Blue Vista RE Partners V, Brookfield SREP III, Hammes Fund IV, AG Realty XI, Harrison Street X as active holdings.

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: Blackstone Real Estate Partners Europe VII ($300M, latest Blackstone European RE fund targeting diversified portfolio); affordable housing mortgage at 299 Main St Poughkeepsie NY ($1.5M).

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.

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.