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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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Marquette Associates flash report for November 2024 IC meeting; real estate composite at $465M (~26.7% overweight); UBS full redemption request submitted March 2021, ~$62.7M remaining; JPM IIF $10M redemption request June 2022.
NEPC's quarterly performance review for PSPRS as of September 30, 2024, presented to Board of Trustees (Rose Dean presenting). Post-restructuring GPE includes RE at $2.604B (11.7% ITD NOF) and RA at $582M (6.2% ITD NOF). PSPRS ex-Workout Real Estate Portfolio 5-year return 8.79% (rank 25th percentile), 7-year 7.82% (rank 25th). Private comparable IRR analysis and peer universe positioning. Trust 7-year annualized 7.82%. NEPC discussed manager compliance and risk attribution.
IDR Investment Management CIO Garrett Zdolshek presented an educational overview of the NFI-ODCE Index structure and performance drivers. IDR manages approximately $99.5M for LACERA in its Core Property Index Fund.
NEPC total-fund IPA for period ending Sep 30, 2024; covers NMERB real estate composite performance; no new RE commitments in this quarter.
SCERS 2024 year in review and 2025 Annual Investment Plan. Covers investment activities and strategic priorities for 2025 across all asset classes including real estate.
AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2024 (Item 4f Attachment 1, November 18 2024). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.
ERS staff memo recommending revisions to the Investment Policy Statement real assets component, effective January 1, 2025; updates core/non-core real estate language and removes legacy benchmark references.
Meketa Investment Group quarterly total fund performance report for period ending September 30, 2024, covering ERS's total portfolio including real assets allocation (~19% of fund, $4.4B NAV).
Townsend Group annual real assets program review covering Q2 2024 real estate, infrastructure, timber, and agriculture portfolios; includes performance, allocation status, and market commentary for Hawaii ERS's ~$4.38B real assets program.
November 2024 board agenda including NEPC Q3 2024 investment performance review; DERP real estate was down slightly in Q3 with real estate at 6.8% actual vs 10% target. Discussion of challenges and potential change of direction.
Albourne (Sean Crawford and William Greenwood) presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios at November 14, 2024 board meeting.
Restated Investment Policy Statement approved November 2024 (following LAB audit finding); governs 5% real estate target allocation, manager guidelines, and reporting requirements for core ODCE funds.
Q1 FY24-25 performance review (Sept 30, 2024): total UC investments $187.3B; UCRP real estate $6.96B with BREIT and Legacy portfolio detail.
Meketa Investment Group due-diligence summary memo on CBRE U.S. Logistics Partners for ERSRI's core real estate allocation. Dated November 1, 2024.
NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the October 30, 2024 regular meeting. Includes FY2024 performance review by asset class including real estate (Kevin Higgins) and real assets (Niraj Agarwal), plus Q2 2024 RVK quarterly performance review.
NYSTRS staff investment committee executive summary showing real estate equity at 11.2% of assets and real estate debt at 5.3%, with Digital Infrastructure presentation by StepStone and Real Estate Update appendix.
StepStone's annual commercial real estate equity and debt strategic review for NYSTRS, covering 2025 pacing recommendations ($1.0–1.2B equity, $1.1–1.3B debt), portfolio review, and house views on market conditions including Edens and Lineage Logistics operating company updates.
Adelante Capital Management monthly REIT manager report for September 2024. Portfolio performance (+33.20% trailing year as REITs surged on Fed rate cuts). Commentary highlights Real Estate as S&P 500's second best sector, Fed 50 bps cut confirmation, and Blackstone's acquisition of ROIC shopping center REIT at ~5.75% cap rate. Portfolio $2.97B.
Staff memo and IPC report proposing a $300 million investment in Carlyle Realty Partners X, L.P., targeting 20-25% gross returns with an $8 billion target ($10 billion hard cap). Strategy focuses on residential (multifamily, SFR, active adult) and industrial (warehouses, outdoor storage) in the middle market. 26-year track record under Robert Stuckey. Hamilton Lane served as RE consultant. Presented at SIC October 30, 2024 regular meeting.
Staff memo and IPC report proposing a $200 million investment in EQT Infrastructure VI, L.P. and up to $200 million in a co-investment sidecar vehicle. The fund series has produced 15.9% net IRR with a loss ratio below 1.5%. Aksia LLC served as real assets consultant. Presented at SIC October 30, 2024 regular meeting.
PSERS Investment Committee October 24, 2024 meeting covering Q2 FY2024 Investment Performance, Private Markets Annual Fee and Carry Report, Private Markets Delegated Authorizations update, and Strategic Asset Allocation update. Executive session included discussion of directly-held real estate and secondaries transaction.
Board resolution to enter a bridge extension with Aksia CA LLC (formerly TorreyCove/Aksia TorreyCove) for private markets consulting covering real estate, infrastructure, and private equity through April 2025 at $182,500.
Staff memo reporting Q2 2024 private markets performance for real estate. Performance gains from PGIM and Grandview reversed the downward trend. Carlyle Renewable and Sustainable Energy Fund II newly added to infrastructure reporting. Real estate pipeline reviewed with NEPC, additional RE and infrastructure commitments expected Q4 2024 and Q1 2025. Bundled in October 22 2024 board book.
NEPC quarterly real estate assets report as of June 30 2024 presented at the October 22 2024 StanCERA Board meeting. Covers performance of core and value-add real estate holdings including Morgan Stanley Prime Property Fund, PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield Acquisition Partners VII, Grandview Property Partners I & II, and TA Realty Value Fund XIII. Bundled in the October 22 2024 board book.
IC calendar sheet plus Cambridge Associates presentation covering 2024 real estate themes: industrial resilience, residential demographics, data centers, distressed office, and opportunities in secondaries and co-GP capital.
ICM packet for October 2 2024 containing the amended Private Credit Investment Policy as an action item, following the July 2024 asset allocation change (Mix C). The updated policy creates a diversified private credit program at 6.8% target allocation with sub-strategies including direct lending, opportunistic, and distressed, with real estate private debt included as an eligible strategy.
FY2024 ACFR investment section listing MOSERS private real estate managers (CBRE US Core Partners, Harrison Street Core Property Fund, LaSalle Property Fund, Oaktree Real Estate Income Fund, TA Realty Core Property Fund) and Blackstone Real Estate Partners series, with performance and fee data for year ended June 30, 2024.
CIO quarterly review for Q2 2024 including RE&I new commitments; references BentallGreenOak Europe IV GP, LP; REID unfunded commitments ~$2.8B.
FY2025 Annual Investment Plan with real estate section listing ten CY2023 non-core commitments totaling ~$1.025 billion plus Torchlight Debt VIII (RE debt, April 2024); pacing ~$1B/yr; consultant is Townsend Group.
NEPC quarterly investment performance report covering BCFPERS real estate and real assets composites with manager-level detail.
Third quarter 2024 performance review by Wilshire Advisors; includes private real estate sub-portfolio returns and manager-level data; portfolio $56.4B.
Staff recommended a $20M commitment to Sculptor Real Estate Fund V, a US-focused sector-diversified non-core real estate strategy; NEPC concurred with top FPL rating.
Investment Finance Subcommittee packet for September 25 2024 meeting. Primarily covers securities litigation (Dexcom, Five Below, Salesforce cases) and domestic equity portfolio update. Includes APERS portfolio allocation showing Core/Core-Plus Real Estate at $1.085B (9.45% of total), including Carlyle Property Investors ($81.5M), Clarion Lion Industrial Trust ($78M), Invesco Real Estate, Heitman Real Estate Trust LP ($516.25M), Principal Enhanced Property Fund ($323.5M). Non-core RE: Harrison Street Fund VIII, IX; TA Realty XII/XIII; Heitman Value Partners IV; LaSalle VI/VII.
Verus annual private real estate pacing and performance review; recommends $400–450M/yr in commitments ($300–350M equity, $100–150M RE debt); positive outlook on opportunistic and distressed strategies; covers 20+ active GPs.
CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending March 31, 2024; presented September 25, 2024.
D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for August 2024. Idaho commercial RE activity at slow pace, price discovery ongoing. Investor demand strong but lack of supply restrains activity. Portfolio: no delinquencies, no REO assets. DBF Idaho Mortgages: 8.0% trailing year return. Portfolio ~$825M.
NEPC quarterly real estate performance review for PA SERS as of March 31, 2024. Includes portfolio performance vs NCREIF ODCE and expanded property benchmarks, market update, investment-level performance, and strategy summaries. Presented at September 17, 2024 Investment Committee meeting.
FY2024 investment fee summary spreadsheet listing Heitman America Real Estate Trust ($5.05M), PRISA LP ($20.8M), Farallon RE III ($9.2M), Farallon RE IV ($928K), and SRE Opportunity Fund IV ($5.2M).
FY2024 annual investment report for the endowment pool ($1.12B); real estate allocation at 6% with HART, PRISA, Farallon RE III & IV, and SRE Opportunity Fund IV.
Board-approved Investment Policy Statement for the Long Term Portfolio (endowment $19.2B), consolidating guidelines on real assets and alternative asset allocation targets, developed with investment consultant Cambridge Associates.
Annual GEP performance review (June 30, 2024): real estate $2.8B – BREIT 59% ($1,653M), Legacy 41% ($1,148M); 10.1% one-year return vs -10% benchmark.
Aon Q2 2024 quarterly performance review including real estate asset class returns (NCREIF ODCE benchmark), TRS real estate NAV ~$29.5B, strategic asset allocation benchmarking discussion.
TRS IMD annual real estate portfolio review at September 2024 IMC: negative one-year return driven by interest rate spike, office sector worst performer (8 consecutive negative quarters), 53% principal investments outperforming funds.
Townsend Group quarterly real estate performance report for SCERS covering Q2 2024 (quarter ended June 30, 2024). Portfolio -1.6% vs benchmark -0.6%. Top non-core: Seven Seas Japan (+7.3% USD), KKR Real Estate Partners Americas (+4.3%), Sculptor RE Fund IV (+3.2%). Bottom: CIM Fund VIII (-39.2%), Hammes Partners IV (-34.3%). No new commitments Q2 2024.
Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q2 2024), Private Equity, Private Credit, and Real Assets (Q1 2024). No new real assets commitments in Q2 2024.
CalPERS Investment Committee agenda staff memo for Item 6b, September 16 2024. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2024) is Attachment 6; Meketa Infrastructure is Attachment 7.
Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2024 (Item 6b Attachment 6, September 16 2024). Covers portfolio returns, benchmark comparison, sector and geographic allocation, leverage, and market commentary. 15 pages.