Document library

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

TA Realty investment committee presentation for Value-Add Fund XIV to CTPF on September 11, 2025, covering fund strategy, portfolio construction, and terms.

Staff recommendation memo for TA Realty Value-Add Fund XIV, a value-add diversified real estate fund, presented to the CTPF Investment Committee on September 11, 2025.

Q2 2025 performance report. Key manager news: Harrison Street – Colliers International rebranded its investment division as Harrison Street Asset Management (HSAM) in July 2025, Christopher Merrill becomes Global CEO; no change to Core Property Fund team. LaSalle – Deputy PM Alfreda Delle taking leave, Patrick Pelling named new PM for LaSalle Property Fund (LPF). Full RE portfolio: JP Morgan (2.24% target, $90M), Morgan Stanley (2.42%, $147M), LaSalle (2.06%, $109M), Prologis USLF (non-core, 1.17%), Harrison Street Core Property Fund (0.81%, $82.5M). Real Estate at 8.7% target.

Quarterly performance report in the April 18, 2024 Investment Committee packet. Covers Q1 2024 performance including Real Assets (9.7% target, 10.8% actual). Principal Diversified Real Assets manager review included. Real Estate underweight real assets noted. Callan Public Fund Sponsor Database comparison.

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.

NEPC investment consultant joint fund recommendation report for Alterra IOS Venture III presented to VCERA at the April 17, 2023 Disability & 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.

Fund presentation deck for Alterra IOS Venture III, L.P. (industrial outdoor storage real estate) presented to VCERA at the April 17, 2023 Disability & Business Meeting. VCERA approved a $35 million commitment.

Q3 2025 performance report in the November 6, 2025 Investment Committee packet. Real Assets target revised to 12% (from 9.7%+3.3%). Manager due diligence schedule includes meeting with Harrison Street in Q4 and Prologis TBD. Callan client list confirms Artemis Real Estate Partners, TA Realty, Maverick Real Estate Partners, Intercontinental Real Estate Corporation, PGIM, Heitman, and Blue Owl Capital as Callan consulting clients in the RE space. Real Estate ODCE Style 4.1% Q3, 3.3% 1-yr. Principal Diversified Real Assets Q3 performance included.

Q4 2024 performance report embedded in February 13, 2025 Investment Committee packet. Real Assets at $194.5M (3.08% actual). Total Real Estate at $181.4M (3.10% actual). Manager notes: Morgan Stanley promoted Ms. Durkay as global head of real estate (23 years experience, formerly Head of Global Listed Real Assets at Morgan Stanley). Principal Diversified Real Assets performance reviewed. Real estate underweight ODCE target.

Q3 2024 performance report in the November 2024 Investment Committee packet. Manager news includes Harrison Street (active US fixed income and private real estate due diligence scheduled Q2/Q3) and LaSalle (deputy PM news noted). Real Assets at $172M (2.84% actual vs 9.7% target). Principal Diversified Real Assets 3Q2024 performance included. Real Estate Benchmark reflects ODCE.

Q4 2025 performance report. Prologis USLF manager news: VP Kosta Karmaniolas joins, replaces Jake Thibeault who moved to Prologis U.S. Agility Fund I. Karmaniolas will assume USLF fund manager role from Bobby Bransfield end-2026. Real Estate ODCE Style 1.2% Q4, 4.9% 1-yr, 3.8% 3-yr. Real Estate 1.9% Q4 (gross). Real Assets Benchmark per new 2026 targets. Total Fund up 3.9% Q4 2025.

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.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $35 million commitment to Alterra IOS Venture III at the April 17, 2023 Disability & Business Meeting.

Quarterly performance report in the June 6, 2024 Investment Committee packet. Covers Q1 2024 and real estate allocation showing Total Real Estate at $443M (7.8% actual vs 7.0% target). Real Assets at $474M (8.3% actual vs 9.7% target – underweight). Principal Diversified Real Assets 1Q performance included. Manager lineup: JP Morgan, Morgan Stanley, LaSalle, Prologis (non-core), Harrison Street (new).

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.

Quarterly performance report in the September 5, 2024 Investment Committee packet. Real estate underweight noted. Total Real Estate at $177.9M (3.02% actual vs 7.0% target). Real Assets at $194.7M (3.31% actual). Principal DRA performance included. Packet primarily covers private equity program review including Mesirow and Apogem commitment upsizes. Callan Public Fund Sponsor Database comparison included.

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.

February 2025 board book featuring Core Fixed Income Asset Class Review. Investment update (data as of December 31 2024) shows FY2025 real estate commitments: Walton Street Real Estate Debt Core Fund LP and NewCold Fund III LP. Real estate at $1.089B in CAPP (6.21%), 1-year performance -2.42%. Walton Street shown in separate accounts at $213M total.

NewCold Fund III LP approved as new $50M CAPP real estate commitment disclosed in the November 2024 board book (data as of September 30 2024). NewCold is a global cold storage/temperature-controlled logistics real estate operator. Fund invests in institutional-grade cold chain warehouse facilities.

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.

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.

Staff recommendation memo to Investment Committee recommending $75M each to Blue Owl Real Estate Fund VII (net-lease value-add) and Crow Holdings Realty Partners Fund XI (diversified value-add). Includes pacing analysis, fund comparisons, and fee negotiation details.