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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.

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.

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: Brookfield Strategic Real Estate Partners V Co-Invest (N) ($125M, co-investment fund alongside BSREP V, Brookfield Asset Management).

Callan quarterly performance measurement report through 4Q2023. Includes real assets performance section covering private real estate (NFI-ODCE), farmland, timberland, infrastructure vs. benchmarks and peer funds.

Monthly transaction report disclosing: Simone Little Italy via BlackRock Separate Account ($283M, 395-unit 36-story hi-rise San Diego CA); The Royce via MetLife Separate Account ($247.5M, 520-unit multifamily Irvine CA); IPI Partners III ($400M, data center fund, new relationship); IPI Partners III Co-Investment ($100M sidecar).

Callan quarterly performance measurement through 3Q2024. Includes real assets performance section. Meeting summary notes real estate showing signs of stabilization; FY2024 reporting errors were addressed in this meeting.

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.

Callan quarterly performance measurement report through 4Q2025. Includes real assets performance section covering private real estate recovery, farmland, timberland, infrastructure, and REIT performance.

Callan quarterly performance measurement through 3Q2023. Includes real assets performance section. Note: December 2023 board meeting focused on private equity and fixed income; real assets section is within the performance book.

Monthly transaction report disclosing: Principal Data Center Growth & Income Fund ($300M, closed-end fully pre-specified data center fund); Carlyle Realty Partners X ($400M, opportunistic closed-end fund continuation of series); Alta Oxbow via BlackRock Separate Account ($98.4M, 218-unit Class A apartment Wayland MA).

Monthly transaction report disclosing: GID Mainstay In-Kind Fund ($300M, Class B multifamily US, GID Multifamily Investment Management); Asana Partners Fund IV ($200M, value-add neighborhood retail/mixed-use in urban US); Blue Owl Real Estate Fund VII ($300M, closed-end net-leased RE backed by investment-grade tenants); Blue Owl RE Co-Invest (N) ($100M sidecar); multiple NY affordable housing mortgages in Geneva, Camillus, Albany.

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).

Monthly transaction report disclosing: The Colburn via Heitman Separate Account ($120.5M, 300-unit multifamily Orlando FL); Brookfield Strategic Real Estate Partners V-B ($375M, global opportunistic focused on high-quality RE assets, existing relationship). Real assets: Sustainable Asset Fund IV by Vision Ridge Partners ($150M).

Callan quarterly performance measurement through 3Q2025. Includes real assets performance section. December 2025 meeting primarily focused on private equity; performance book covers all asset classes including real assets.

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.

Callan quarterly performance measurement through 1Q2026. Appendix packet includes real assets and private real estate performance data. Notes private core real estate exposures have shifted and real estate market conditions in 1Q2026.

Callan quarterly performance measurement report through 4Q2024. Includes real assets performance section covering the full real assets portfolio including real estate, farmland, timber, infrastructure. Notes improving real estate conditions.

ASRS staff memorandum within the February 26, 2026 Board meeting packet recommending Board ratification of an IC-approved RE manager recommendation involving Mill Creek Residential as SMA manager. Part of the consent agenda. Mill Creek ($2.26B+ in ASRS portfolio) focuses on multifamily development and value-add across national markets.

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: RFM-NYSCRF Affordable Housing Fund ($400M, domestic affordable housing fund-of-one by Related Fund Management, new relationship); Riverbank Apartments via JP Morgan Separate Account ($243.5M, 418-unit 44-story Manhattan West Side); Big Sky MOB via Heitman Separate Account ($49M, five-building medical office portfolio in 5 US markets).

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: 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.