Document library

Full Real Estate Asset Class Review at the March 2025 IAC meeting by SIO Lynne Gray and Townsend Group (Michael Fogliano). Covers SBAF RE performance through Q3 2024, portfolio overview, benchmarks (83.3% NFI-ODCE net + 16.7% NFI-ODCE +150bps), property type return contributions, geographic diversification, and market outlook. RE outperformed primary benchmark over all periods; program at ~$19B targeting 12% of TPA.

Meketa Investment Group presented the OPERF Q1 2024 Performance Review at the May 29, 2024 OIC meeting (TAB 4). Real Estate was the only asset class with negative contribution; total RE portfolio returned -4.7% trailing 1-year. ABKB-LaSalle Advisors REIT sleeve also covered. Real estate assets were noted as continuing to underperform other asset classes in higher rate environment.

Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Philip Chris Ebersole (Investment Officers) with Christy Fields (Meketa) presented the Real Estate Annual Review & 2024 Plan at the March 6, 2024 OIC meeting (TAB 5). Covered open-end core portfolio (Heitman America REIT, Harrison Street Core Property Fund, Prologis Targeted US Logistics Fund, Nuveen U.S. Cities Multifamily, AEW Core Property Trust, GID Mainstay, Walton Street, Sculptor Diversified RE Income Trust), separate account portfolio (Clarion, Lincoln, Regency, Lionstone, Waterton, Ascentris, LBA Industrial, Harrison Street Life Science Core). 2024 plan: $500M–$1B in new commitments.

Meketa Investment Group presented the OPERF Q3 2024 Performance Review at the December 4, 2024 OIC meeting. Real Estate: $13.2B (manager selection contributed to relative returns; overweight Policy marginally detracted). Real Assets: $10.0B outperformed benchmark. Real estate assets noted as continuing to underperform amid higher rate environment.

Staff recommendation (Action Item) presented by Michael Langdon to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for two additional years (through June 30, 2025). Original contract approved April 22, 2020. Bundled in the May 31, 2023 public board book as TAB 8.

Staff presentation by Michael Langdon (Director of Private Markets), Austin Carmichael, Christopher Ebersole, and Sam Spencer (Investment Officers, Real Estate) with consultant Christy Fields (Meketa). Covered 2022 commitments ($1.75B across 9 investments), portfolio performance vs. NFI-ODCE+50bps benchmark.

Quarterly private markets asset listing as of September 30, 2025 showing all SBI real estate, real assets, private equity, and private credit fund commitments with vintage year, committed capital, and fund status. Real estate managers include Carlyle, Rockpoint, Blackstone, Oaktree, Brookfield, TA Realty, TPG Angelo Gordon, Torchlight, and others.

Meketa Investment Group presented the OPERF Q3 2025 Performance Review at the December 3, 2025 OIC meeting. As of September 30, 2025: Real Estate $13.4B (2.8% 1-year return). Real Assets portfolio noted. Includes fixed income annual review and diversifying strategies annual review components.

IAC-endorsed private markets recommendation for the May 2024 cycle, covering up to $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in 10 countries including UK, Germany, France, and Sweden.

Meketa Investment Group and Aon presented the 2026 Capital Market Assumptions at the March 4, 2026 OIC meeting. Detailed real estate return assumptions: Core RE 3.5% real return (higher than 2022), Non-Core RE 5.3%, U.S. REITs 4.1%. Open-End Real Assets 4.9%, Closed-End Real Assets 6.7%. Noted that 2026 reflects higher forward-looking allocation to Core Real Estate and Core Infrastructure.

The January 24, 2024 OIC meeting minutes document a Real Estate Committee approval of a $150M USD commitment to Carlyle Property Investors on November 13, 2023. Disclosed in the Committee Reports section of the January 2024 board book.

Quarterly private markets asset listing as of June 30, 2025, showing all SBI real estate, real assets, private equity, and private credit fund commitments. Provides vintage year, committed capital, and current status for the full real estate manager roster.

Tad Fergusson (Director of Private Markets), Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Chris Ebersole (Investment Officers) presented the Real Estate Annual Review & 2026 Plan at the May 27, 2026 OIC meeting (TAB 4). Portfolio: $13.7B total (71% Core, 27% Non-Core, 2% REITs). Top managers: Lincoln Advisors ($2.3B), GID ($1.8B), Ascentris ($874M), Harrison Street ($825M), LBA ($757M), Prologis ($697M), Clarion ($674M), Regency ($662M), Abacus ($604M), DivcoWest ($483M). 2025 commitments: $417M across Abacus Multi-Family Partners VII ($100M), Clarion Alternative Sectors Fund ($100M EUR), Blue Owl RE Fund VII ($100M), Hines European Property Partners ($117M). 2026 plan: $400M–$750M new commitments. Outperformed NFI-ODCE+50bps across all time periods.

Staff recommendation (Action Item) presented by Gloria Gil to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for an additional two-year period beginning July 1, 2025, and ending June 30, 2027. Presented at the May 28, 2025 OIC meeting as TAB 4 (Real Estate Consultant Contract).

Meketa Investment Group 2024 private real estate pacing plan and portfolio review for ERSRI, covering core and non-core real estate allocation targets, commitment pacing across value-add/opportunistic closed-end funds. Dated February 2024, presented March 27, 2024.

Meketa Investment Group presented the OPERF Annual Review at the October 25, 2023 meeting. Included detailed real estate performance data: total RE portfolio $13.6B (27.8% of fund), core/non-core manager breakdown, ABKB-LaSalle Advisors REIT sleeve performance, and real assets portfolio update. As of June 30, 2023.

Meketa Investment Group presented the OPERF Q1 2025 Performance Review at the September 3, 2025 OIC meeting (TAB 4). As of June 30, 2025: Total Real Estate $13.4B (positive absolute and benchmark-relative returns). Real Assets: $5.0B (strong performance through manager selection and overweight allocation). ABKB-LaSalle Advisors REIT sleeve: 13.5% 1-year return.

The October 22, 2025 OIC meeting minutes document an OST Investment Committee approval (June 17, 2025) of a $100M USD commitment to Hines European Property Partners Fund, L.P. from OPERF. Oregon's second open-ended European fund commitment as part of geographic diversification initiative. Disclosed in the Committee Reports section.

Meketa Investment Group presented the OPERF Q2 2024 Performance Review at the September 4, 2024 OIC meeting. Real Estate: $13.0B (manager selection outperformed; overweight Policy was a meaningful detractor). Real Assets: $9.9B (manager selection contributed positively). DWS presented real estate market update. Includes historical performance tables for ABKB-LaSalle Advisors REIT sleeve.

Monthly combined investment report (start of 3-year window); real estate composite shows Intercontinental U.S. Real Estate (core) and JP Morgan U.S. Real Estate (core plus) in general employees fund (~$63.8M combined at 3.7% of fund).

Wilshire quarterly review with private real estate summary as of March 31, 2023 covering core funds (Heitman, Invesco) and value-add funds (AEW, Virtus, Brasa, Long Wharf) alongside asset allocation targets.

Wilshire Q3 2023 review with detailed private real estate summary as of September 30, 2023; shows seven RE funds including newly committed Long Wharf Real Estate Partners VII ($20M, March 2023).

Wilshire quarterly investment review for Q3 2024 with private real estate performance summary covering Heitman, Invesco Core RE USA, Invesco II, AEW Partners IX, Virtus RE Capital III, Brasa RE Fund II, and Long Wharf RE Partners VII.

Board packet for April 11, 2023 meeting includes Wilshire asset allocation analysis and ERF staff discussion sheets; documents private real estate core target of 2.5% and value-add target of 5.0% with scenario analysis for allocation changes.

Quarterly combined investment report; real estate composite shows Intercontinental U.S. Real Estate (~$35.5M, core) and JP Morgan U.S. Real Estate (~$15M, core plus) for general employees fund totaling ~$50.5M at 2.7% of portfolio.

Quarterly combined investment report; real estate composite covers Intercontinental U.S. Real Estate (core, general employees and police) and JP Morgan U.S. Real Estate Income & Growth Fund (core plus).

Monthly combined investment report covering all pension plans; police pension shows new RREEF America II LP (core RE, inception Sep 2024, ~$13.1M) alongside Intercontinental U.S. Real Estate (~$38.9M); general employees holds Intercontinental and JP Morgan RE.

UBS Trumbull Property Fund (Paul Canning, CIO) presented portfolio update at Feb 11, 2025 Investment Committee; fund in full redemption with ~$17.5M outstanding; -1.59% gross return 2024.

Wilshire asset allocation update and Q4 2025 review; includes private real estate composite targets (core 12%, value-add 10% recommended) and PE/RE performance summary as of December 31, 2025.

Quarterly combined investment report covering all three City of Atlanta pension plans; real estate composite shows performance of Intercontinental U.S. Real Estate, JP Morgan U.S. Real Estate, and RREEF America II LP.

Wilshire investment consultant review and asset allocation analysis for Dallas ERF; shows private core RE composite at $430M and value-add at $373M with fund-level detail for Heitman, Invesco, AEW, Virtus, Brasa, and Long Wharf funds.

Staff-led annual review of Stabilized Growth (core real assets) and Non-Traditional Growth (non-core real assets) asset classes presented December 5, 2024; covers strategy, accomplishments, and performance.

Wilshire quarterly investment review for Q2 2024 with private real estate fund-level performance summary including Heitman America RE Trust, Invesco Core RE USA, AEW Partners IX, and Long Wharf RE Partners VII.

Wilshire Q4 2022 investment review with private real estate summary as of December 31, 2022 and 2023 strategic plan; covers core and value-add RE portfolio across Heitman, Invesco, AEW Partners IX, Virtus RE Capital III, and Brasa RE Fund II.

Year-end 2023 combined investment report; general employees fund real estate composite covers Intercontinental U.S. Real Estate (core) and JP Morgan U.S. Real Estate (core plus); police fund holds Intercontinental only; real estate sector outlook included.

Wilshire asset allocation update presented December 2025 with private real estate target allocation review (core 5%, value-add 2.5% policy targets); includes Q3 2025 RE performance data.

Wilshire Q4 2023 investment review and capital market assumptions update with private real estate fundraising trends and portfolio summary; includes asset allocation rebalance data for core and value-add RE composites.

Quarterly combined investment report covering all three City of Atlanta pension plans; real estate composite includes Intercontinental U.S. Real Estate (core), JP Morgan U.S. Real Estate Income & Growth Fund (core plus, general employees), and RREEF America II LP (core, police fund; inception Sep 2024).

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of June 30, 2024; includes Verus 2024 Real Assets Outlook.

Manager update disclosing $100M commitment to Carlyle Realty Partners X L.P. (opportunistic US real estate), allocated $40M to Pension Pool and $60M to Legacy Fund; IC approved 9/13/2024.

Manager update disclosing $75M commitment to Ares US Real Estate Fund XI L.P., a US opportunistic real estate fund; the commitment was allocated between the Pension Pool and Legacy Fund.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of September 30, 2023.

Annual fee study by Verus covering FY2024 investment management fees for ND SIB's private real estate and infrastructure managers, benchmarking fees against comparable market strategies.

Annual private markets strategy update to the Investment Committee covering real estate allocations vs. policy targets, pacing model projecting $46–$62M annual real estate commitments, and real estate performance as of March 2024.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of December 31, 2025.

Callan 10-year capital market assumptions presentation to the Investment Committee including real estate return projections (7.25–7.50%), risk/return framework for core real estate, and alternatives.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of December 31, 2024.