Document library

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.

First Look presentation by Preservation of Affordable Housing (POAH), a MWDBE affordable housing developer and manager, to the CTPF Investment Committee on June 2, 2023.

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.

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.

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.

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.

Callan consultant report covering the CMERS Core/Core Plus Private Real Estate manager search. Documents search process, candidate profile, semi-finalist screening of 19 managers, and finalist comparison between Harrison Street Core Property Fund and Kayne Anderson KACORE. Includes comparative performance, fee analysis, and summary matrix. Search conducted September 2022–April 2023.

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.

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.

December 2025 board book investment update (data as of September 30 2025) listing FY2026 real estate new commitment: Sweet Grass-Equus II LP ($100M CAPP/$50M TFIP). Real assets new commitment: CBRE Musselshell Infrastructure Investments LP 2nd tranche ($100M CAPP/$35M TFIP). Real estate at $1.147B in CAPP (6.00%), 2.04% 1-year vs 2.67% benchmark.

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.