Document library

UBS Trumbull Property Fund (Paul Canning, CIO) presented portfolio update at Feb 11, 2025 Investment Committee; fund in full redemption with ~$17.5M outstanding; -1.59% gross return 2024.

Wilshire asset allocation update and Q4 2025 review; includes private real estate composite targets (core 12%, value-add 10% recommended) and PE/RE performance summary as of December 31, 2025.

Quarterly combined investment report covering all three City of Atlanta pension plans; real estate composite shows performance of Intercontinental U.S. Real Estate, JP Morgan U.S. Real Estate, and RREEF America II LP.

Wilshire investment consultant review and asset allocation analysis for Dallas ERF; shows private core RE composite at $430M and value-add at $373M with fund-level detail for Heitman, Invesco, AEW, Virtus, Brasa, and Long Wharf funds.

NEPC asset allocation analysis and recommendation presented to the TMRS Board at the September 19, 2024 meeting, recommending a new simplified framework with an 18% real assets target (real estate + infrastructure), including detailed risk-return analysis.

Staff-led annual review of Stabilized Growth (core real assets) and Non-Traditional Growth (non-core real assets) asset classes presented December 5, 2024; covers strategy, accomplishments, and performance.

Wilshire quarterly investment review for Q2 2024 with private real estate fund-level performance summary including Heitman America RE Trust, Invesco Core RE USA, AEW Partners IX, and Long Wharf RE Partners VII.

Wilshire Q4 2022 investment review with private real estate summary as of December 31, 2022 and 2023 strategic plan; covers core and value-add RE portfolio across Heitman, Invesco, AEW Partners IX, Virtus RE Capital III, and Brasa RE Fund II.

Year-end 2023 combined investment report; general employees fund real estate composite covers Intercontinental U.S. Real Estate (core) and JP Morgan U.S. Real Estate (core plus); police fund holds Intercontinental only; real estate sector outlook included.

Wilshire asset allocation update presented December 2025 with private real estate target allocation review (core 5%, value-add 2.5% policy targets); includes Q3 2025 RE performance data.

ACFR for fiscal year ending June 30, 2025; CIO report covers real estate portfolio at $531.5M (9% of fund, 34 RE funds plus one timberland fund), returning 6.8% for the year, with managers including AEW, Cabot, EQT Exeter, Kildare, Rialto, and Timberland Investment Resources.

Wilshire Q4 2023 investment review and capital market assumptions update with private real estate fundraising trends and portfolio summary; includes asset allocation rebalance data for core and value-add RE composites.

Quarterly combined investment report covering all three City of Atlanta pension plans; real estate composite includes Intercontinental U.S. Real Estate (core), JP Morgan U.S. Real Estate Income & Growth Fund (core plus, general employees), and RREEF America II LP (core, police fund; inception Sep 2024).

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of June 30, 2024; includes Verus 2024 Real Assets Outlook.

Manager update disclosing $100M commitment to Carlyle Realty Partners X L.P. (opportunistic US real estate), allocated $40M to Pension Pool and $60M to Legacy Fund; IC approved 9/13/2024.

Manager update disclosing $75M commitment to Ares US Real Estate Fund XI L.P., a US opportunistic real estate fund; the commitment was allocated between the Pension Pool and Legacy Fund.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of September 30, 2023.

Annual fee study by Verus covering FY2024 investment management fees for ND SIB's private real estate and infrastructure managers, benchmarking fees against comparable market strategies.

Annual private markets strategy update to the Investment Committee covering real estate allocations vs. policy targets, pacing model projecting $46–$62M annual real estate commitments, and real estate performance as of March 2024.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of December 31, 2025.

Callan 10-year capital market assumptions presentation to the Investment Committee including real estate return projections (7.25–7.50%), risk/return framework for core real estate, and alternatives.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of December 31, 2024.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of December 31, 2023.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of June 30, 2023.

Verus quarterly investment performance review covering KCERA's total fund including real estate; includes Verus research on State of the Core Real Estate Fund Universe.

NEPC asset-liability study for six pension plans (PERS, TFFR, Bismarck, Grand Forks) recommending real estate core allocations of 1–7.5% and private real assets of 7–20% depending on plan; approved allocation changes.

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of March 31, 2023.

Staff presentation covering private equity and real estate market overview, real estate strategies (core, value-add, opportunistic), allocations by pool, and real estate strategy update that proceeded into executive session.

Aon recommends and Board approves $100M in Realty Income's open-ended US core-plus fund targeting diversified net-lease investments in industrial and retail properties across 33 states.

Aon recommends and Board approves up to $100M in Ares Industrial Real Estate Fund, LP; open-end fund investing in Class A/B industrial distribution centers in coastal and inland US markets.

Aon Hewitt and ATRS staff recommend up to $50M in KKR Real Estate Partners Americas IV SCSp; Board adopts Resolution 2023-45; fund focuses on industrial and rental properties.

Annual Real Assets program review covering private real estate, infrastructure, and natural resources; top managers PGIM (11.2%), Blackstone (7.9%), Morgan Stanley (7%), Clarion (5.8%). Total Real Assets ~$15.9B as of August 2025.

Open-session education presentation by two WSIB real estate intermediaries covering US real estate market outlook including tariff impacts on industrial, residential rationale, retail supply, self-storage demand, and office market dynamics.