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Public-record fund presentations, plus the staff memos and consultant reports that accompany them in public pension and endowment board materials. Filter by document type, sector or location. Every link points to the official source.
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Complete asset listing as of March 31, 2025 including all real estate investments (pages 140-143) and real assets investments (page 160). Lists 100+ funds with book and fair values including: Blackstone BREP Asia I-III, BREP Europe VI-VII, BREP V/VI/VIII/IX/X, Blackstone Property Partners, Blue Owl Digital Infrastructure Fund III, Brookfield SREP II-B/III-B/IV, Carlyle Europe RE Partners III, Cortland Enhanced Value VI, Exeter Europe Logistics IV, KKR REPA III, LaSalle Property Fund, Oaktree RE Opportunities VIII-IX, Stockbridge RE Fund II-D/III-A, Trumbull Property Fund, WCP NewCold III, and many others.
Annual comprehensive financial report for the year ended March 31, 2025. Includes full real estate investment listing (140+ funds including Blackstone BREP series, Brookfield SREP IV, Carlyle Europe RE Partners, KKR REPA, Oaktree RE Opportunities, Stockbridge RE Fund III, Trumbull Property Fund, LaSalle Property Fund, Asana Partners Fund III, Artemis Healthcare Fund II, EQT Exeter Europe Logistics IV, and many others). Real estate target allocation 9.0%, actual 9.33%.
Aon Q4 2024 quarterly investment review for Oklahoma TRS Investment Committee covering total fund performance, asset allocation, and real estate/private markets benchmarking.
Aon FY2025 asset-liability study for Oklahoma TRS recommending shift from 10% real estate target to a broader real assets allocation of 10% inclusive of infrastructure.
Meketa Q4 2024 interim private markets report covering Oklahoma TRS real estate portfolio of 31 funds ($2.54B committed, $1.64B FMV) and private equity program.
Callan Capital Market Review Q4 2024 distributed to CMERS. Real Estate/Real Assets section: 'Valuations May Have Bottomed; REITs Fall'. Shows Real Estate ODCE Style 0.9% Q4, 1.2% 1-yr, -5.1% 3-yr. NCREIF Property -6.2% 1-yr. ODCE redemption queues approximately 13% of NAV. Transaction volume analysis, cap rate analysis. Munir Iman from Callan's Real Assets Research group identified as author.
TMRS 2024 Completed Investments Report showing WCP NewCold III L.P. ($100M commitment in September 2024, cold-storage real estate) as the sole real estate fund committed during the year.
ERS 2024 Annual Report disclosing real estate holdings; American Realty, Morgan Stanley Prime Property, and UBS Trumbull Realty; 5% policy target; 10–90 day quarterly redemption notice periods.
TMRS Private Investment Performance Report listing all ~45 real estate fund investments as of December 31, 2024, spanning core, value-add, and opportunistic strategies across US and European markets.
Full-year 2024 performance review by Callan (first year as IMRF consultant); includes private real estate manager-level attribution; portfolio $54.9B.
PSERS staff presentation and board resolution committing up to $150M to WCP NewCold III, L.P. NewCold is a highly experienced cold storage developer, owner, and operator with deep market opportunity in temperature-controlled industrial logistics. Board approved December 20, 2024.
PSERS Investment Committee December 19, 2024 full meeting covering Q3 2024 Total Plan Performance, Private Markets Benchmarks overview, WCP NewCold III (motion), asset class reviews, and general consultant annual review framework.
Statutory public disclosure of alternative investment vehicle fees for FY2024, including Brookfield Senior Mezzanine Real Estate Finance Fund LP ($100M commitment, 103.4% multiple).
Comptroller and Segal Marco Advisors recommend restructuring BERS's $29M PPAR affordable multifamily ETI program, expanding commitment to $70M, extending rate lock to 36 months, and delegating administration to Community Preservation Corporation.
Staff memo presenting the 2025 Real Estate Structure Review to the Board for approval, covering Core and Non-Core Real Estate investment guidelines, pacing, portfolio composition, and transition from SMAs to commingled funds. StepStone concurred.
StepStone real estate Q2 2024 quarterly report; new Q2 2024 commitments: NYC SIGCRE23 Fund LP ($57M) and Mesirow Financial Real Estate Value Fund V ($67M), both Non-Core North America.
Adelante Capital Management monthly REIT manager report for November 2024. Portfolio performance (+28.85% trailing year). Covers sector allocation to various REIT property types, market commentary on commercial RE stabilization, and Blackstone re-entering REIT market via ROIC acquisition. Best/worst holdings analysis and portfolio guidelines compliance.
Verus Advisory 2025 capital market assumptions and five-year strategic asset allocation review including real assets/real estate allocation targets and recommendations, presented December 2024.
Albourne fee validation for calendar year 2023 presented December 12, 2024; validated 472 STRS Ohio investments; real estate net management fees $24M, operating expenses $13M, interest expenses $16M; no findings identified.
CEM benchmarking report covering calendar year 2023 cost data presented December 12, 2024; real estate funds management fees $24M; total investment costs $340.7M; real estate LP fund costs included in benchmarking.
Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q3 2024), Private Equity, Private Credit, and Real Assets (Q2 2024). New Q3 2024 real assets commitments: Stonepeak Opportunities Fund ($36M infrastructure); Quantum Energy Partners VIII ($40M energy and power).
Verus total fund investment performance review for SCERS for Q3 2024. Covers all asset classes. ALM study concluded in 2024. Real estate allocation 6.6% vs revised 8% target following strategic asset allocation change.
Townsend Group quarterly real estate performance report for SCERS covering Q3 2024 (quarter ended September 30, 2024). Top performers: Prologis European Logistics Fund (+4.1% USD), Prologis U.S. Logistics Fund (+1.4%), Seven Seas Japan (+13.6% USD). Bottom: KKR Real Estate Partners Americas (-19.8%), CIM Fund VIII (-9.8%). After quarter end: WCP NewCold III commitment ($50M non-core).
Q3 2024 RE Quarterly Activity Report. Committed $321M: Lone Star Real Estate Fund VII ($150M, Lone Star Funds, value-add/opportunistic diversified global), FPA Core Plus Fund VI ($50M, FPA Multifamily, core-plus multifamily), Heitman Real Estate Debt Partners III ($50M, subordinate debt/bridge/construction), RLIF Co-Investment Fund II ($50M, Realterm, core US industrial), Realterm Airport Logistics Properties ($21M, core industrial). Portfolio $11.8B, 9% CTF.
NEPC biennial asset/liability review and capital market assumptions embedded in December 2024 SWIB Board meeting. RE assumptions: Core 6.0%, Value-Add 7.5%, Opportunistic 8.4%, Private RE Debt 6.8%. Policy targets maintained at 8% real estate allocation.
SWIB committed $50M to FPA Core Plus Fund VI (FPA Multifamily LLC) in Q3 2024, followed by another $50M in Q1 2025. Closed-end core-plus fund focused on US multifamily properties targeting 9-11% net levered IRR with 50% leverage. Fund target $1.25B. Disclosed in December 2024 and June 2025 SWIB Board meetings.
SWIB committed $50M to RLIF Co-Investment Fund II (Realterm) in Q3 2024. Core US industrial strategy. Disclosed in December 2024 SWIB Board of Trustees meeting. Realterm Airport Logistics Properties also received additional $21M commitment from SWIB.
SWIB committed $21M to Realterm Airport Logistics Properties (open-end core North American industrial fund) in Q3 2024. Disclosed in December 2024 SWIB Board of Trustees meeting.
Callan Associates 2024 Annual Report and Q2 2024 quarterly peer performance summary embedded in December 2024 SWIB Board of Trustees meeting. Peer group benchmarking of SWIB CTF against public pension fund universe.
SWIB committed $150M to Lone Star Real Estate Fund VII (Lone Star Funds) in Q3 2024. Closed-end value-add/opportunistic fund focused on diversified properties globally. Disclosed in December 2024 SWIB Board of Trustees meeting.
RVK education presentation on farmland as an asset class delivered at the December 2024 VPIC meeting. Reviews NCREIF Farmland Index returns, farmland's inflation-hedging characteristics, portfolio role, and lays the groundwork for the US Agriculture US Core Farmland Fund commitment under consideration.
NEPC quarterly real estate performance review for PA SERS as of June 30, 2024. Presented at December 3, 2024 Investment Committee meeting alongside the IPI Partners update and recommendation.
Board approval page for the December 10, 2024 SBI meeting confirming authorization of private markets fund commitments presented by staff and endorsed by the IAC on November 19, 2024.
Callan quarterly real estate portfolio performance report for NHRS for the period ending June 30, 2024, included as informational material at the December 10, 2024 IIC meeting.
PSERS Investment Committee pre-deliberation meeting for December 5, 2024 covering WCP NewCold III, L.P. (private real estate cold storage) and Sixth Street Specialty Lending Europe III (private credit). Formal action taken at December 19/20, 2024 board meeting.
FY2024 ACFR (year ended June 30, 2024); investment section covers 10% target real assets allocation ($7.5B), lists all 96 real asset fund investments, Mercer as real assets consultant, manager performance.
NEPC Q3 2024 quarterly investment consultant performance report presented to the TMRS Board, covering real estate and infrastructure asset class performance, benchmarks (NCREIF ODCE), and allocation as of September 30, 2024.
Aon Q3 2024 quarterly performance review: real estate NAV ~$7.5B (new SAA targeting 15% under Real Return); all asset classes beat benchmark except real estate; discussion of RE price declines.
Minutes from Nov 5 2024 IFC meeting embedded in APERS Dec 2024 board packet. Features two presentations: (1) Stephens Inc. on private credit — overview of growth since 2012, illiquidity premium, yield range of 9-11%, low default rates, favorable conditions for APERS entry; (2) Callan on infrastructure investments — regulated/contracted utilities, conservative ~8% return targets, correlation benefits, discussion of generational energy transmission opportunities. This meeting set context for eventual infrastructure/credit commitments approved in March 2025.
Callan LLC quarterly real assets report for period ending September 30 2024, embedded in APERS Dec 2024 board packet. Core RE performance: Carlyle Property Investors, Clarion Lion Industrial Trust, Invesco Real Estate (underperforming), Heitman Real Estate Trust LP. Non-core RE: Harrison Street Fund VIII (-0.24%), Harrison Street Fund IX (0%), Heitman Value Partners IV (4.61%), LaSalle Income & Growth VI LP (-27.11%), LaSalle Income & Growth VII LP (-6.80%), TA Realty XII (-0.66%), TA Realty XIII (41.12%). Organizational note: PGIM Real Estate head of RE departed September 2023.
ICM packet for December 4 2024 containing Callan's semiannual real estate portfolio performance review for the period ending June 30 2024, presented by Aaron Quach and Avery Robinson of Callan. Also contains the NEPC PE investment plan presentation and a report on Summit Growth Equity Partners XII (private equity, delegated). RE review covers total portfolio returns, manager-level attribution, and market conditions.
ICM packet for December 4 2024 containing the ACERA Private Equity Investment Plan 2024 as an action item (NEPC). Includes a comprehensive historical log of ACERA's alternative investments since 2020 covering private equity, real estate, real assets, private credit, and absolute return commitments. Lists real estate-related commitments: Eclipse Fund V ($5M 2023), Davidson Kempner Opportunities Fund VI ($38M 2023), PGIM Real Estate US Debt Fund ($30M 2024), Heitman Value Partners VI ($50M 2024), Starwood Distressed Opportunity Fund XIII ($30M 2024).
Presentation and consideration of Mesirow Financial Real Estate Value Fund V, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $150M announced from this presentation. Value-add strategy. Also at this meeting: Private Credit Structural Review and HarbourVest CT Co-Investment Fund tranche.
Nevada PERS Fiscal Year 2024 Annual Comprehensive Financial Report (year ended June 30, 2024). Investment section authored by Julia Bonafede of Jobs Peak Advisors and Callan Associates. Documents two core private real estate separate accounts: AEW and Invesco Real Estate. Private Real Estate returned -6.4% (net) for FY2024 reflecting weakness in office and multifamily. PERS total assets reached $64.2 billion. Target allocation remains 6% Private Real Estate.
FY2024 ACFR investment section listing 84 real estate partnerships ($5.6B fair value, 9.6% of assets) across 38 firms; 6 new commitments totaling $628M in FY2024; Townsend Group serves as real estate consultant.
FY2024 ACFR showing 15% real estate target allocation; real estate posted -9% for second consecutive negative year amid high rates; $242.7M NAV; managers: American Realty, Barings, Artemis RE Partners IV, Basis Investment Group (Big RE Fund I & II), Thor Urban.
Quarterly portfolio allocation report showing real estate composite with core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); presented at November 21, 2024 board meeting.
CIO investment section of FY2024 ACFR covering the $6.4B (9.4% of assets) real estate portfolio with -7.7% return for fiscal year; lists all private real estate fund relationships including Heitman Value Partners V, FPA Core Plus Fund VI, Clarion Lion Industrial Trust, Brookfield Strategic Real Estate Partners IV, Carmel Partners VIII, Asana Partners III, and TruAmerica Workforce Housing Fund.