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Public-record fund presentations, plus the staff memos and consultant reports that accompany them in public pension and endowment board materials. Filter by document type, sector or location. Every link points to the official source.
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Adelante Capital Management monthly REIT manager report for April 2025. Performance: outperformed Wilshire US REIT Index by 98 bps (month). Worst holding: Alexandria Real Estate Equities -20.7%. Market commentary covers tariff uncertainty, Fed rate cut pricing, and impact on REITs. Covers sector allocation to various property types.
ERS staff annual program review covering public REIT portfolio ($899M), private real estate (9% target, NCREIF-ODCE benchmark, +334 bps 5-year value add), and infrastructure to Joint Board-IAC.
PIMCO European Data Centre Opportunity Fund aims to make a significant impact in addressing the supply-demand imbalance in the European data
NEPC quarterly IPA; records Raith Real Estate Fund IV ($75M, RE) approved Mar 2025; Q1 2025 total fund and real estate program performance.
May 15 2025 Investment Finance Subcommittee packet containing Callan LLC's full infrastructure secondaries manager search for APERS. Includes individual fund profiles for: Ares Secondaries Infrastructure Solutions III, Blackstone Strategic Partners Infrastructure Fund IV, HarbourVest Infrastructure Opportunities Fund III L.P., Macquarie Alliance Partners Infrastructure Fund, Pantheon Global Infrastructure Fund V, and Partners Group Infrastructure Secondary. Each profile covers strategy, key professionals, terms (target size, fees, IRR targets), and Callan commentary. Board approved up to $100M each in Partners Group Infrastructure Secondary, Ares Secondaries Infrastructure Solutions III, and Pantheon Global Infrastructure Fund V.
Callan-prepared fund profile for Ares Secondaries Infrastructure Solutions III included in APERS May 2025 infrastructure secondaries search. Covers Ares Management background, fund strategy targeting secondary infrastructure investments, key professionals, vehicle history, terms, and Callan commentary. Ares team began secondary real asset program in 2015; predecessor strategy known as Landmark Infrastructure Partners.
Callan-prepared fund profile for Blackstone Strategic Partners Infrastructure Fund IV included in APERS May 2025 infrastructure secondaries search. Covers Blackstone's decade-long infrastructure secondaries strategy, BSP Infra IV terms (first close December 2023, investment period began July 2024), key professionals (Mark Bhupathi as Head), and aggregate historical performance across BSP Infrastructure Funds I-III of 16% net IRR. Strategy focuses on transportation, digital infrastructure, energy transition, utilities, and social infrastructure secondary transactions globally.
Callan-prepared fund profile for Macquarie Alliance Partners Infrastructure Fund (MAPIF) included in APERS May 2025 infrastructure secondaries search. Fund targeting not to exceed $1B; as of May 2025 was 60% deployed with ~$670M of managed capital. Targets 11-13% net IRR. First-time strategy for Macquarie but built on team hired in 2020 with specialized infrastructure secondaries expertise. As of September 2024 generated 37.5% gross / 24.5% net IRR. Final close targeted June 13, 2025.
Callan-prepared fund profile for HarbourVest Infrastructure Opportunities Fund III L.P. included in APERS May 2025 infrastructure secondaries search. Fund targeting $1 billion; as of April 2025 closed on $539.7M in commitments. Team led by Tim Flower, Michael Dean, and Dan Buffery with 70 years combined experience. As of May 2025 had committed to seven investments totaling $145M at average ~12% discount. Continuation of Infrastructure Opportunities Fund II.
HarbourVest Partners presentation to APERS on May 15 2025 covering private credit secondaries strategy. Presented by Melissa Cahill (Managing Director) and Bill Cole (Principal). Covers evolution of private credit secondary market, HarbourVest's experience ($12B in executed secondary sales in 2024), and case for credit secondaries to reduce risk while targeting higher returns. Context: APERS committed $550M to HarbourVest Fund of One (Diversified Credit Funds), with $12M called as of September 2025.
Callan-prepared fund profile for Pantheon Global Infrastructure Fund V included in APERS May 2025 infrastructure secondaries search. Fund targeting $4B (no hard cap); as of May 2025 had raised $1.7B. Initial close September 2024; final close expected April 2026. Targets 12-15% net IRR, 90% secondaries and 10% co-investments. Led by Andrea Echberg, Partner, Global Head of Infrastructure. APERS approved up to $100M commitment.
Callan-prepared fund profile for Partners Group Infrastructure Secondary included in APERS May 2025 infrastructure secondaries search. Fund targeting $750M; targets 12-15% net IRR. Strategy focuses on inflection LP portfolios and extension secondaries (GP-led) in mid-market infrastructure. 70-100% secondary investments, 0-30% co-investments. Co-led by Dmitry Antropov and Marc Meier. APERS approved up to $100M commitment.
Quarterly portfolio allocation report showing real estate composite ($201.1M, 9.1%): core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); Clarion not yet in portfolio; presented at May 15, 2025 board meeting.
Monthly investment flash report presented at May 15, 2025 board meeting; first appearance of Clarion Lion Properties Fund in the core real estate composite alongside American Realty and Barings, reflecting new commitment approved in closed session.
IAC-endorsed private markets recommendation for the May 13, 2025 IAC meeting, covering up to $200M to TA Realty Value-Add Fund XIV (U.S. industrial/multifamily/data centers/retail/office) and up to $250M to Energy Capital Partners VI (energy infrastructure). Total $450M.
Detailed fund presentation for Sterling United Properties I CF, L.P., presented by Denise Stake and Philip Conner. Commitment recommended at $150M. Value-add strategy. Confirmed committed at $150M at July 2025 IAC meeting.
Two real estate fund presentations: (1) Sterling United Properties I CF, L.P. – a value-add diversified fund recommended at $150M; (2) TA Realty Core Property Fund, L.P. – a core-plus diversified fund recommended at $200M. Includes 2025 pacing plan showing $500M committed YTD against $1.35B annual target.
Meketa quarterly performance review covering Q1 2025 CRPTF performance. RE allocation at 6.2% ($3.75B) vs. 10% target. Real estate benchmark: NCREIF NFI-ODCE. RE 1-year TWR negative reflecting post-2022 repricing. Includes detailed CRPTF portfolio holdings and fund-level performance data.
Detailed fund presentation for TA Realty Core Property Fund, L.P., presented by Denise Stake and Philip Conner. Open-end core-plus diversified US property fund. Recommended commitment $200M (reduced to $200M from $300M recommendation; remaining $100M committed at September 2025 meeting). Existing manager in CRPTF RE portfolio.
List: Investment Managers, ... Management Services, ... Clerk, Auditor and Custodian ... VIII. PORTFOLIO REVIEW AND EVALUATION ... 22 ... 22 ... X. CONSULTANT COMPLIANCE CERTIFICATION STATEMENT ... 30 ... 31 ... Consultant Responsibilities It is the responsibility of the Fund’s consultant to develop a strategic investment plan, implement this investment plan and to monitor the Fund’s investment progress. The strategic investment plan will be summarized in the Fund’s Investment Objective & Policy
Cambridge Associates annual benchmarking report for FY2024; UW overweight public equities and underweight private investments vs peers; monitors private investments and uncalled capital.
UWINCO annual investment program review; CEF real assets at 4% (~$221M) of $5.7B endowment as of Dec 2024, target 5%; no change to strategic asset allocation recommended.
Albourne and Cambridge Associates presented quarterly asset class reviews covering Real Assets (including real estate) as of March 31, 2025 at May 8, 2025 board meeting.
ROCKCREEK UPDATE 18 ... Quarterly Commentary Letter | Q4 2025 ... Afsaneh Beschloss, RockCreek Founder and CEO, joined David Westin on Bloomberg's Wall Street Week to reflect on the past 25 years in markets, and China’s advances in technology and energy (watch here) and moderated a conversation on nuclear energy with leaders from the Nuclear Energy Agency, Rockefeller Foundation, and Council on Foreign Relations (watch here ... RockCreek, RockCreek Group, Rock Creek and the RockCreek logo are un
Hamilton Lane Q1 2025 RE performance update for SBCERS; deal reviews cover Abacus Multi-Family Partners VII ($7.5M) and Artemis Real Estate Healthcare Partners Fund III ($7.5M); portfolio one-year IRR of 1.37%.
NEPC quarterly investment performance report covering BCFPERS real estate composite and private real assets allocation; includes detailed manager-level attribution.
Q1 2025 board quarterly update recording PRIM Board approval of up to $75M to DivCore Fund VII U.S., L.P. plus up to $75M co-investment capital, as a non-core real estate commitment.
roles and respons ... Investment Committee (“ ... The following procedures will be utilized for selection of IMA Managers if requested by the Board. ... 1. Manager Selection Process ... a) Working with Staff, the Consultant shall establish qualification criteria consistent with the purpose of the search. b) Working with Staff, the Consultant shall establish evaluation areas, desired levels of competency and respective weightings for evaluation factors. c) Working with Staff, the Consultant may p
NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 30, 2025 regular meeting, including Q4 2024 RVK performance review and portfolio update including real estate and real assets. Notes modification to Townsend SMA.
NEPC's 2025 capital markets assumptions presented to PSPRS Investment Committee (April 2025, Rose Dean CFA, Partner). Data as of 12/31/2024. Ten-year real estate return forecasts: Core 5.9% (+0.5% vs prior), Value-Add 7.1% (+0.5%), Opportunistic 8.1% (+0.5%), Private Debt RE 6.5% (+0.2%). Thirty-year: Core 6.5%, Value-Add 7.8%, Opportunistic 8.7%. Includes PSPRS asset allocation scenarios with recommended target ranges for real estate and real assets within the Global Private Equity allocation.
Staff memo and IPC report proposing a $400 million investment in Townsend Real Estate SMA, a customized separately managed account focused on middle market primary funds ($500M-$2B) as well as tactical investments including JVs, platforms, and seed investments. Targets 13% net returns. Aksia LLC served as RE consultant. Presented at SIC April 30, 2025 regular meeting.
Certain Ares Funds may be offered through our affiliate, Ares Management Capital Markets. LLC (“AMCM”), a broker-dealer registered with the SEC
The Mortgage Program provides customized funding with commercial properties as collateral. DB Fitzpatrick has administered the Commercial Mortgage Program
The Mortgage Program provides customized funding with commercial properties as collateral. Minimum of $1,000,000, up to 7% of the total of the Mortgage Program
Northern Trust private markets performance report as of September 30 2024, presented at the April 22 2025 Board meeting. Produced at direction of StanCERA staff, covers individual fund monitoring for the real estate program: Morgan Stanley Prime Property Fund, PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, TA Realty Value Fund XIII. Notes PGIM and American Realty Advisor performance data being updated. Bundled in April 22 2025 board book.
Verus Advisory private markets review presented at the April 22 2025 StanCERA Board meeting. Covers StanCERA real estate and private markets portfolio status. PGIM Real Estate US Debt Fund, Greenfield Acquisition Partners VII, Grandview Property Partners I & II, TA Realty Value Fund XIII on Stable/Performing watchlist. Bundled in April 22 2025 board book.
Callan review of D.B. Fitzpatrick and the Idaho Commercial Mortgage Program (conducted March 2025, including borrower survey). CMP now ~$878M. Callan concludes DBF organization is stable, CMP has a robust risk framework managed effectively, and CMP is well-diversified with competitive relative performance. Recommends continuing with DBF.
D.B. Fitzpatrick presentation on PERSI's Idaho Commercial Mortgage Program (2025). Covers market conditions (Idaho commercial RE activity picking up), portfolio composition (commercial mortgages throughout Idaho), delinquency status, underwriting standards, and strategy outlook. Presented by Brandon Fitzpatrick (CEO) and Casey Macomb (CMP Manager).
Callan 2025 annual real estate portfolio review for PERSI. Portfolio as of Q4 2024: AEW separate account $305.9M (58.3% of private RE, NAV), PGIM PRISA $1,921.9M (core fund), total private RE $495.2M, public RE (REITs) 4.2%. Covers U.S. private RE market trends (NCREIF ODCE, transaction volume), AEW account performance (outperformed by 61 bps over 1 year), PRISA overview, and Adelante REIT review. Presented by Jonny Gould, CAIA.
PERSI CIO memo (dated April 16, 2025) introducing the 2025 annual real estate review. Covers four presentations: Callan 2025 Annual RE Review (AEW, PRISA, Adelante), AEW Annual Board Review, Callan Idaho CMP Review, and DBF Idaho Mortgage Program Review. Callan notes AEW 'remains a stable organization', is 'well-positioned', and 'exceeding the objectives of the program'.
TRS IMD April 2025 board presentation: Q4 2024 performance update with real estate as alpha generator despite ODCE down 10% one-year; special opportunities including real estate construction loans; Aon performance review embedded.