Fund Universe Library

Meketa Investment Group due-diligence summary memo on Belveron Partners Fund VII for ERSRI's non-core real estate allocation. Dated August 20, 2024.

Meketa Investment Group quarterly total fund performance report for period ending June 30, 2024, with real assets sub-composite performance and benchmarking update.

PSERS staff presentation and board resolution committing up to $175M ($125M fund + $50M co-investment sidecar) to ACORE Opportunistic Credit II, L.P. Highly experienced real estate credit specialist targeting 13-15% net IRR and 8% cash yield. Described as a strong replacement for real estate equity in a higher interest rate environment. Board approved August 16, 2024.

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 August 15, 2024 board meeting.

NEPC quarterly IPA; records Dermot Multifamily Dislocation Fund ($30M, RE) approved May 2024; Q2 2024 total fund performance review.

Board approval page for the August 14, 2024 SBI meeting confirming authorization of up to $100M to Blackstone Real Estate Partners Asia III among other private markets commitments.

ICM packet for August 7 2024 at which the board considered a $30 million investment in Quantum Energy Partners VIII and Quantum Energy Partners VIII Co-Investment Fund as part of ACERA's real assets portfolio (natural resources). Presenters: David Altshuler and Rob Meister of Quantum Capital Group, plus NEPC. GP materials exempt from disclosure. The packet also includes the private credit policy review and emerging markets equity minimum qualifications revision.

Hamilton Lane Q2 2024 RE performance update for SBCERS; five 2024 commitments closed totaling $50M including Lubert-Adler Workforce Housing Fund II, Kayne Anderson RE Partners VII, Hillwood US Industrial Club VII, and Stonepeak Real Estate Partners.

NYSTRS Investment Committee minutes renewing Blue Owl Real Estate Debt Advisors (US CMBS and private real estate debt), Heitman (US REIT/REOC strategy), and Global REIT managers including AEW Capital Management, Heitman, and Dimensional Fund Advisors against the FTSE EPRA/NAREIT Developed index.

Investment Finance Subcommittee packet for July 30 2024. Contains APERS portfolio allocation as of recent date showing real estate positions: Core Real Estate Invesco Real Estate ($12.46M), Heitman Real Estate Trust LP ($12.46M); Value Add: Clarion Lion Industrial Trust ($324.5M), Harrison Street Fund VIII, Harrison Street Fund IX ($454.7M), Heitman Value Partners IV ($81.6M), LaSalle Income & Growth VI ($79.7M), LaSalle Income & Growth VII ($48.8M), TA Realty XI ($45.6M), TA Realty XII ($5M), TA Realty XIII ($15.7M). Total Value Add Real Estate $848.1M (7.42%).

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the July 24, 2024 regular meeting, covering portfolio performance including real estate and real assets, plus Q1 2024 RVK quarterly performance review.

IPI Partners formal GP presentation to VPIC for IPI Partners III, a closed-end value-add/opportunistic fund investing in data center assets and connectivity-related real assets globally. Covers the firm's strategy, prior fund performance (IPI I and II), hyperscale demand drivers, AI and cloud growth, and fund terms targeting 12-16% net IRR.

RVK full due diligence recommendation memo for IPI Partners III recommending a commitment of up to $35M to diversify VPIC's non-core real estate portfolio with a dedicated data center focused strategy. Includes on-site due diligence, market analysis, fund I and II track record review, and risk factors.

NEPC July 2024 follow-up asset allocation presentation with Mix C recommendation: decrease core real estate by 2%, increase private real estate debt by 2%, increase infrastructure by 1.5%. Mix C adopted by unanimous board vote.

Investment Committee informational staff report (File 24-270) reporting a $150M commitment to TPG Angelo Gordon Essential Housing Fund III in April 2024, exceeding the $120M pacing plan; no further RE investments planned for 2024.

EVPCFO disclosure of follow-on commitments: up to $20M to Hackman Capital Partners (global studio/media real estate, affiliated with MBS Group) and €2.5M to BLG Capital (opportunistic real estate in Turkey including hospitality, residential, student housing), both committed March 2024.

Aon investment consultant Q1 2024 quarterly performance review including real estate asset class performance vs NCREIF ODCE benchmark, peer comparison (TUCS), and real estate loan-to-value data.

TRS IMD annual real estate portfolio review: 2023 performance (negative for first time in 14 years due to rate spike), capital plan, spotlight on data centers and AI in RE; presented at July 18, 2024 IMC meeting by Grant Walker.

Verus Advisory quarterly performance report for period ending March 31, 2024, covering SamCERA's real estate portfolio including Harrison Street Core Property, Invesco Core Real Estate, Invesco Value-Add funds IV/V/VI, PGIM US Real Estate Debt, and Stockbridge Value funds.

Staff memo and agenda item covering annual review meetings with real estate managers Invesco (Core, Value-Add IV/V/VI), Stockbridge (Value IV/V), Harrison Street (Core Property Fund), and PGIM (US Real Estate Debt); June 2024 minutes also disclose $35M Beach Point Capital Real Estate Debt Fund commitment in closed session.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for June 2024. Buyers and sellers standoff expected to persist. Commercial RE lending environment remains constrained with banks and credit unions wary. Portfolio: no delinquencies in June, no REO assets. New originations noted. DBF Idaho Mortgages: 2.5% trailing year return.

Adelante Capital Management monthly REIT manager report for June 2024. Portfolio performance (+8.55% trailing year), sector allocation analysis, and market commentary noting REITs outperformed on rate cut expectations. REIT market started Q3 with strength as Fed signaled rate cuts. Portfolio $2.99B.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2023; $5.1B NAV, -3.1% return in 2023, 8.3% net IRR since inception.

ICM packet for July 3 2024 containing Callan's semiannual real estate portfolio performance review for the period ending December 31 2023, presented by Aaron Quach and Avery Robinson of Callan. Also includes NEPC's total fund asset allocation presentation (asset allocation mix deliberation for Mix C). Callan report covers ACERA's RE portfolio composition, returns, benchmarking, and market trends.

ICM packet for July 3 2024 at which the board adopted Asset Allocation Mix C (reducing private real estate from 9% target, removing it from new allocation targets). Contains NEPC's capital market analysis supporting Mix C, Callan's semiannual real estate portfolio review for December 31 2023 (embedded), and NEPC semiannual reviews of private equity, private credit, absolute return, and real assets for December 31 2023. Critical strategic document showing ACERA's shift away from new private real estate commitments.

Public statutory disclosure listing PERA's Alternatives investment holdings including real assets (infrastructure, agriculture, timberland), real estate debt (Calmwater), and opportunistic funds with vintage year, capital committed/contributed, and IRR as of December 31, 2023.

BCI 2023-2024 annual report with dedicated real estate equity and debt sections covering QuadReal program performance, $3.3B equity deployments, $3.2B debt commitments, sector exposures, and ESG highlights.

Meketa quarterly performance update with real estate allocation detail (core ~$168M and non-core ~$309M) and policy compliance review for COPERS as of June 30, 2024.

Q2 2024 quarterly investment report covering real assets sub-portfolio performance including real estate, timber, infrastructure, and agriculture/farmland.

Verus Advisory 3rd quarter 2024 investment landscape report for TCERA as of June 30 2024, covering real estate portfolio performance.

Second quarter 2024 performance review by Wilshire Advisors with private real assets and real estate manager-level attribution.

Staff recommended a $20M commitment to Brookfield Real Estate Secondaries LP, a global diversified real estate secondaries fund; NEPC concurred with top FPL rating.

Staff and NEPC presented annual real estate deep dive covering 10.6% allocation, globalization progress, secondaries overview, and European core/core-plus search status.

Staff memo recommending two-year extension of Cliffwater alternative assets consulting contract through June 30, 2026 at $500,000/year (increased from $450,000). Cliffwater has served as SCERS' alternative assets consultant since 2011. Includes transparency provisions around Cliffwater's growing asset management business. Cliffwater recently sold a minority equity stake.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2024), Private Equity, Private Credit, and Real Assets (Q4 2023). Real Assets returned 1.8%. No new real assets commitments in Q1 2024.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2024 (quarter ended March 31, 2024). Portfolio allocation 7.1% vs 9.0% target; underweight non-core and non-US strategies. Top performers: Prologis U.S. Logistics Fund (+1.9%), NREP Nordic Strategies Fund IV (+10.0%), Sculptor RE Fund III (+5.4%). No new commitments Q1 2024.

EVPCFO disclosure of follow-on commitment: up to $100M to Related Companies (New York-based vertically integrated real estate developer across affordable housing, multifamily, retail, office, and hospitality), committed December 2023.

UTIMCO Real Return team presents $10.6B portfolio; private real estate -3.8% IRR in 2023 due to Europe underperformance and rising rates; discusses evolving real estate strategy toward Co-GP funds and co-investments to reduce fees; infrastructure spotlight on data centers and AI demand.

STRS Ohio annual investment plan for fiscal year 2025, updated May 2024; targets 4-5 new commitments to international/opportunistic RE funds; focus on data centers, medical office, industrial in gateway markets.

NEPC consultant recommendation memo for PA SERS commitment of up to $100M to IPI Partners Fund III LP. NEPC highlights strong performance, vertically integrated organization, strong sponsorship background, and attractive data center focus. Fund targets $4B in commitments.

IPI Partners presentation to PA SERS Investment Committee for IPI Partners III-A LP, a global data center-focused real estate fund targeting $4B with $6B hard cap. SERS committed up to $100M. Fund categorized in Real Estate / Value-Add/Opportunistic sub-asset class. Presented June 11, 2024.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2023. Presented at June 11, 2024 Investment Committee meeting alongside the IPI Partners III-A data center fund presentation.

Callan Associates Q4 2023 annual report and quarterly peer performance summary embedded in June 2024 SWIB Board of Trustees meeting materials. StepStone Real Estate also presented RE Strategy Report and Market Outlook to the SPCGC committee.

SWIB committed $40M for a 50% stake in MetWest International (MetLife Investment Management) in Q1 2024. Mixed-use Tampa FL development with apartments, retail, office buildings and Marriott AC Hotels. Non-core apartment JV in US Southwest. Disclosed in June 2024 SWIB Board of Trustees meeting.

Q1 2024 RE Quarterly Activity Report. Single commitment: MetWest International Venture ($40M, MetLife Investment Management) — 50% stake in Tampa FL mixed-use development (apartments, retail, office, Marriott AC Hotels). Portfolio ~$11.9B, 10% CTF. Transaction market slow, underweight to office.

CIO executive summary slides for June 2024 SMIB meeting; details Q1 2024 RE&I new commitments including BentallGreenOak Asia IV and Rialto Real Estate Fund V-Debt.

CIO quarterly review covering Q1 2024 RE&I commitments: $100M to BentallGreenOak Asia (USD) IV (Japan office/logistics/residential/hotel) and $100M to Rialto Real Estate Fund V-Debt.

Real Assets Committee packet containing Real Assets Performance Review presented by LACERA staff and StepStone Group (Real Estate) covering performance, portfolio composition, and market context.