Document library

Full Real Estate Asset Class Review at the March 2026 IAC meeting by SIO Lynne Gray. Covers SBAF RE performance through Q4 2025, RE market update (resilient but selective; 2025 transaction rebound), portfolio composition, fund-level performance data. Real estate returned 0.25%/0.90% over 1Q/YTD 2026 and +3.58% over 1 year. Includes Director of Real Estate and Director of Acquisitions presenting alongside SIO.

Full Real Estate Asset Class Review at the March 2024 IAC meeting. Includes asset allocation transition update as RE target was revised to 12%. Portfolio NAV ~$20.9B (11.6% of TPA). Townsend's Seth Marcus and Jeff Leighton presenting. Covers portfolio evolution (2005–2023), performance, transaction activity, market overview. New CIO Lynne Gray introduced as incoming SIO replacing retiring Steve Spook.

Asset class SIO updates including Real Estate section at the September 2025 IAC meeting. SIO Lynne Gray reported that Real Estate had its first quarter of positive performance since 2022 as of Q1 2025. Includes Major Mandate Performance Review with RE benchmark data. June 3, 2025 minutes also included in this book.

Monthly transaction report disclosing: BlueLinkx Industrial Storage Lawrenceville GA via JPM Separate Account ($40.3M, 585,637 sf low-coverage industrial facility). Also infrastructure: AIP Co-Invest 2023B via Antin Infrastructure Partners (€100M).

Full Real Estate Asset Class Review presented at the March 2023 Investment Advisory Council meeting. Covers portfolio overview, performance vs. ODCE benchmark, portfolio risk profile, transaction activity, and Townsend Group market commentary. Portfolio NAV ~$21.1B (12.4% of TPA); 13 open-end funds, 8 separate accounts, 50+ closed-end funds/REITs. SIO Steve Spook and Townsend's Richard Brown and Seth Marcus presenting.

Real Estate SIO update by new SIO Lynne Gray at the June 2024 IAC meeting, included as part of the Major Mandate Performance Review. Includes the SBAF Real Estate Portfolio data as of 12/31/2023 (NAV $18.8B), with sector allocation, transaction activity, and benchmark performance discussion.

Real Estate portfolio performance and SIO updates at the September 2024 IAC meeting. Covers SBAF RE performance as of 3/31/2024 (NAV $18.8B), transaction activity (~$250M new commitments including $150M to US non-core opportunistic funds), portfolio composition and diversification. SIO Lynne Gray presenting. Townsend real estate market overview included.

SWIB 2024 Schedule of Investments (as of December 31, 2024). Private real estate portfolio adds: Bridge Logistics Value Fund II, 1547 Data Center Fund III WESCO V, Berkshire Bridge Loan MF1 III, Lone Star RE Fund VII, FPA Core Plus VI, High Street RE Fund VIII, Heitman Debt Partners III, RLIF Co-Investment I/II, Realterm Airport Logistics, SRE Wilson Industrial JV, Rockwood Multifamily Partners, Blackchamber II, Corebridge US RE Fund IV, MetWest, and continues Beacon VI/VII/VIII, CBRE US Logistics + Medical Office, Penwood series, Westbrook series, and others.

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.

Comprehensive portfolio performance report as of March 31, 2025, covering all asset classes including private markets real estate and real assets. Includes returns, benchmark comparisons, and program-level overview.

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.

IAC-endorsed private markets recommendation for the October 20, 2025 IAC meeting, covering TA Realty Value-Add Fund XIV ($200M) and Energy Capital Partners VI ($250M) among other funds.

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.

CBRE Investment Management fund presentation for Rhode Island SIC on U.S. Logistics Partners (USLP), a core+ open-end fund targeting newly built modern logistics facilities with sustainable amenities across U.S. coastal and major markets. Public deck.

The April 16, 2025 OIC Real Estate Annual Review documents 2024 commitments to LBA Logistics Value Fund X ($100M value-add domestic industrial, unfunded) and LBA Core Industrial Separate Account ($100M core domestic industrial, unfunded). LBA is a top-10 OPERF real estate manager with $757M NAV. Disclosed as part of the 2024 new commitments table in the 2025 Annual Review.

Berkeley Partners manager presentation for ERSRI on Value Industrial Fund VI, a value-add light industrial fund targeting 50,000–250,000 SF infill properties near U.S. city centers. Public deck.

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.

ERSRI staff recommendation memo approving up to $20M commitment to Elion Industrial Fund II, a value-add last-mile logistics industrial fund targeting 40–50 supply-constrained infill properties. Meeting date February 28, 2024.

The April 15, 2026 OIC meeting minutes document an OST Investment Committee approval (January 26, 2026) of a $100M USD commitment to Lincoln Logistics Fund II, L.P. from OPERF. Lincoln is one of OPERF's top 10 real estate partnerships with $2.3B market value. Disclosed in the Committee Reports section.

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.

Meketa Investment Group due-diligence summary memo on Elion Industrial Fund II for ERSRI's non-core real estate allocation. Dated February 2024.

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).

ERSRI staff recommendation memo approving up to $30M commitment to Raith Real Estate Fund IV, a diversified opportunistic closed-end fund targeting deep value commercial and residential real estate including industrial, multifamily, and niche property types. Meeting date March 26, 2025.

ERSRI staff recommendation memo approving up to $20M commitment to Berkeley Partners Value Industrial Fund VI, a value-add light industrial fund targeting infill urban locations across U.S. growth markets. Meeting date May 24, 2023.

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.

Raith Capital Partners public presentation for Rhode Island on Real Estate Fund IV, a diversified opportunistic fund targeting distressed and complex commercial and residential real estate in the U.S. Public deck.

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.

ERSRI staff recommendation memo approving up to $25M commitment to CBRE U.S. Logistics Partners (CBRE USLP), a core/core+ open-end industrial logistics fund targeting modern distribution, fulfillment, and intermodal properties in U.S. coastal and major population centers. Meeting date December 4, 2024.

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.