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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%.

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.

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).

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%.

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.

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.

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: City Logistics via Clarion Separate Account ($85.5M, 300,726 sf industrial warehouse park Baltimore MD).

Monthly transaction report disclosing: Bridge Logistics Properties Develop-to-Core Fund ($600M, develop-to-core industrial portfolio in selected US markets); Santal Thousand Oaks via BlackRock Separate Account ($83M, 142-unit Class A multifamily Thousand Oaks CA); Alexan Memorial via MetLife Separate Account ($97.5M, 356-unit Class A multifamily Houston TX). NY affordable housing mortgages in Buffalo.

Monthly transaction report disclosing: Oaktree Real Estate Opportunities Fund IX ($200M, broad-based opportunistic); BentallGreenOak Asia (USD) IV ($300M, closed-end pan-Asian fund); Manor in Plantation via Clarion Separate Account (197-unit apartment Fort Lauderdale FL); Cubes at Glendale-Building B via BlackRock Separate Account ($128.1M, 1.2M sf industrial Glendale AZ); KKR REPA IV Co-Investment ($150M sidecar). Infrastructure: Hull Street Energy Partners III ($250M).

Monthly transaction report disclosing: Star Lake Opportunity Fund V ($300M, JPMorgan Asset Management, residential and industrial assets in primary/secondary markets); affordable housing mortgage at 25 Delaware Ave Albany NY ($1.9M).

Callan quarterly performance measurement report through 2Q2025. Includes total fund, real assets and real estate performance attribution sections. Notes private real estate signs of recovery and strong REIT performance.

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.

Monthly transaction report disclosing: Seattle Gateway I & II via LaSalle Separate Account ($88.1M, two-building Class A industrial 458,707 sf Seattle WA); Artemis Real Estate Partners Healthcare Fund III ($300M, healthcare-related real estate, existing relationship). NY affordable housing mortgage Buffalo NY ($23.4M).

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.

TPG Angelo Gordon full GP presentation to VPIC for Realty Value Fund XII, the firm's value-add real estate flagship (12th in series, AUM ~$99B total / ~$20B real estate). Strategy targets middle-market US real estate under $150M cap with ~100 local operating partners, focusing 60% on residential/industrial and ~25-30% alternatives (self-storage, student, senior, MOB). Committed $50M approved at March 2026 meeting.

RVK tear sheet for TPG AG Realty Value Fund XII, value-add real estate strategy. $3B/$4B target fund size. TPG Angelo Gordon ($99B AUM, ~20% in real estate) targeting middle-market US assets under $150M total cap across residential, industrial, and alternatives. 12-14% net IRR target. First close March 2026.

Monthly transaction report disclosing: Apex Commerce Center via LaSalle Separate Account ($43.6M, 233,818 sf industrial Raleigh NC); Exchange Circle via JP Morgan Separate Account ($70.3M, 316,000 sf industrial buildings Dallas TX). Real assets: Oaktree Power Opportunities Fund VII ($250M).

Monthly transaction report disclosing: WCP NewCold III ($400M, global cold-storage fund, Westport Capital Partners, new relationship); Fairfield US Multifamily Value-Add Fund IV ($250M, fourth in series, closed-end value-add); Fairfield VAIV Co-Investment ($150M sidecar); Tamarron Homes via JP Morgan Separate Account ($49.6M, 164-unit SFR Katy TX); The Aster via Clarion Separate Account (207-unit hi-rise Dallas TX).

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.

Staff FY2025 Real Assets Annual Investment Plan. Presented by SIOs Stephen Sikes and Robyn Mesdag. Includes real estate debt search results (Walton Street and Heitman selected), core real estate strategy (discontinuing wind-down of UBS SA), and new non-core RE target allocation of 5%. Board approved Resolution 2024-13.

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.

Fund financial presentation through March 2026. Real assets portfolio at ~$1.06B. Real estate portfolio includes Heitman Real Estate Debt Partners III ($157.6M), Almanac Realty series, KKR REPA series, Sculptor Real Estate, Walton Street RE Debt Core Fund ($49.6M), Heitman Value Partners VI ($467K newly funded), Fidelity CMBS ($3.4M), Silverpeak LP. Action memo for Heitman Value Partners VI $25M commitment dated 01/05/26.

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.

Monthly transaction report disclosing: Jadian Real Estate Fund II ($150M, second series closed-end opportunity fund, Jadian Capital LLC, new relationship); Jadian RE Fund II Co-Investment ($100M sidecar); Kayne Anderson Real Estate Partners VII ($250M, opportunistic closed-end); Bell Growth & Income Fund ($300M, core-plus closed-end multifamily).

Board action items adopting revised investment guidelines for Real Estate (2023-13), Farmland (2023-14), Timberland (2023-15), and Infrastructure (2023-16). Embedded in Real Assets Action Items section of September 2023 board packet.

Monthly transaction report disclosing: WCP NewCold Fund N ($200M, co-invest sidecar alongside WCP NewCold III, Westport Capital Partners); NY affordable housing mortgages in Rome NY and Ovid NY.

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.

Monthly transaction report disclosing: EQT Exeter European Logistics Value Fund V (€150M, high-quality industrial logistics in select European markets, existing relationship). Real assets: Stonepeak Global Renewables Fund II ($243.5M + $80M co-invest), DIF Infrastructure VIII (€250M), DIF Value-Add IV (€250M).

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: 754 Fifth Avenue NY refinancing ($400M mortgage); Asana Partners Select Fund ($300M, fund-of-one core and core-plus retail/mixed-use in urban US); Lowe's Bulk Distribution Center Savannah GA via MetLife ($111.4M, 1.2M sf Class A industrial).

SWIB 2023 Schedule of Investments (as of December 31, 2023). Private real estate portfolio includes: Blackstone Real Estate Partners VIII/IX/X, Heitman Debt SA VII/VIII + Debt Partners II, Westbrook Real Estate Fund VI/VII/VIII/IX/X, Lone Star RE I-VI, High Street RE Fund VI/VII, FPA Core Plus III-V, CBRE US Logistics Partners + Medical Office, Blue Moon Senior Housing II + SA I/II, WESCO I/III-VI, Penwood Industrial IV-VII, Realterm Logistics, Barings Innovation & Growth RE, Beacon VI/VII/VIII, Carson Industrial JV, DWS Construction Lending SA, Gateway RE Fund VII, Aeroterm Fund, AMCAP SA, and many others.

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.