Document library

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.

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.

ARMB Board approved Notice of Intent to Award new Real Assets Consultant contract to Callan LLC (RFP 24-003) at June 2024 meeting. Contract effective 7/1/2024. Represents continuation of Callan's real assets consulting relationship with ARMB (contract start in 2019).

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: Blackstone Real Estate Partners Europe VII ($300M, latest Blackstone European RE fund targeting diversified portfolio); affordable housing mortgage at 299 Main St Poughkeepsie NY ($1.5M).

Monthly transaction report disclosing new real estate fund commitments: Artemis Real Estate Partners Fund IV ($200M, value-add/opportunistic US closed-end fund); ComRef Williamsburg Loft Portfolio via MetLife Separate Account ($68M, 78-unit multifamily in Brooklyn NY). Also Raith Real Estate Fund III through GCM Grosvenor Emerging Manager program (up to $15M, debt/equity).

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.

Monthly transaction report disclosing: NYSCRF Frontier Mach III ($400M, Artemis Real Estate Partners' emerging manager program, latest addition); affordable housing mortgage at 48 South Franklin St Nyack NY ($1.2M).

Monthly transaction report disclosing: Cortland Enhanced Value Fund VI ($300M, closed-end value-add multifamily Southeast/Southwest US); ComRef Mountain Park via LaSalle Investment Management Separate Account ($70.6M, 240-unit multifamily Phoenix AZ); affordable housing mortgage at 122 Cohoes NY ($4.7M via Community Preservation Corp).

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.

Monthly transaction report disclosing: KKR Real Estate Partners Americas IV ($250M, closed-end diversified opportunistic fund targeting transitional/distressed real estate); multiple NY affordable housing mortgages in Penn Yann, Ithaca, Poughkeepsie, and Johnson City NY.

Monthly transaction report disclosing: Ares European Property Enhancement Fund IV (€320M, core-plus and value-add in Western Europe/gateway cities); Ares EPEP IV Co-Investment (€100M sidecar alongside). Infrastructure: Copenhagen Infrastructure V (€300M), Copenhagen Infrastructure Co-Investment (€300M), Stonepeak Infrastructure Fund V ($300M).

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.

Monthly transaction report disclosing: The Holston via LaSalle Separate Account ($88.4M, 238-unit multifamily garden style in Weaverville NC); multiple NY affordable housing mortgages in Rochester, Syracuse (via Community Preservation Corp). Infrastructure: Stonepeak Opportunities Fund ($250M), Castlelake Aviation V Stable Yield ($250M).

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.

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.

Monthly transaction report disclosing: ComRef Homestead Square Cupertino CA via MetLife Separate Account ($87.4M, grocery-anchored retail center); Bell Value-Add Fund VIII ($150M, closed-end multifamily value-add fund in major US markets, new relationship for CRF).

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.

Monthly transaction report disclosing: Waterton Residential Property Venture XV ($300M, closed-end value-add apartment fund targeting top 30-40 US MSAs); new relationship for CRF. Also infrastructure: EQT Infrastructure VI ($450M) and Antin Infrastructure Partners V (€250M).

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.

ERSRI staff recommendation memo approving up to $20M commitment to Greystar Equity Partners XI, a value-add closed-end multifamily fund targeting Class A and B properties broadly diversified across U.S. gateway and growth markets. Meeting date March 22, 2023.

Meketa Investment Group due-diligence summary memo on Greystar Equity Partners XI for ERSRI's non-core real estate allocation. Dated March 2023.

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.

Greystar Real Estate Partners fund presentation for Rhode Island SIC on Essential Housing Fund I, an opportunistic multifamily development fund using modular construction to deliver attainable housing at 70–90% AMI.

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.

Belveron Partners investor presentation for ERSRI on Fund VII, a value-add fund targeting acquisition and preservation of regulated 'Capital A' affordable housing including Project Based Section 8 properties.

ERSRI staff recommendation memo approving up to $25M commitment to Greystar Essential Housing Fund I, a value-add/opportunistic multifamily development fund targeting attainable housing for residents at 70–90% AMI. Meeting date February 26, 2025.