Loading…
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.
Want the numbers instead of the documents? Open the Fund Performance Database →
Browse the full index free. Opening the documents behind it is part of GREI Pro.
See plans2,499 documents·1,013 GP·686 LP·800 consultant
All materials are published by the firms or public bodies themselves; all rights remain with them. We link, we don’t rehost.
CalPERS Investment Committee agenda staff memo for Item 5d, June 10 2024. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports. Presented by Sarah Corr, Daniel Booth, Dan Bienvenue.
Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 3, June 10 2024). Infrastructure outperformed benchmark for all periods. 14 pages.
Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 2, June 10 2024). Portfolio outperformed benchmark for 1-year period (6.0%) and underperformed for 3-year (8.1%). 15 pages.
CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2024 (Item 5d Attachment 1, June 10 2024 meeting). 20-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives.
Callan memo recommending CMERS vote in favor of Harrison Street Core Property Fund's proposal to add a data center allocation of up to 15% of fund assets. CMERS committed $50M to the Fund in 2023. Proposal involves pre-leased single-tenant assets with credit tenants and 10-15 year leases. Harrison Street requested investor votes by June 30, 2024. Callan recommends approval as consistent with fund strategy.
ICM packet for June 5 2024 containing NEPC's asset allocation mixes status update (Mixes C/D/E/F) showing private real estate at 8.2% current versus 0% in proposed mixes (shifted to private infrastructure/natural resources), and NEPC's private credit/debt education session. Key insight: the new Mix C (approved July 2024) eliminates the private real estate allocation and replaces it with private infrastructure (5-6% of total fund) and private natural resources (1-2%). Callan retained as RE consultant for existing portfolio.
DERP 2023 ACFR with investment consultant section; real estate 10% target at 6.4% actual; legacy closed-end managers include Contrarian Capital, DRA Advisors, Prudential REIM, UBS Realty, Walton Street. Real estate and private equity experienced losses in 2023.
NEPC quarterly IPA; records ArrowMark CRE Structured Finance Fund ($50M, RE) and Ram Realty Partners Fund VII ($100M, RE) approved Feb–Mar 2024.
NEPC quarterly investment performance report covering BCFPERS real estate and private real assets; includes 22 RE partnership positions and 2 core fund holdings.
PSERS staff presentation and board resolution committing up to $300M to Carlyle Realty Partners X, L.P. (CRP X). Carlyle's opportunistic/value-add US real estate fund emphasizing portfolio construction and risk reduction. PSERS has committed $1.12B across seven Carlyle real estate vehicles historically. Board approved May 31, 2024.
Marquette Associates monthly flash report for May 2024 IC meeting; real estate composite tracking three core ODCE managers; UBS in full redemption queue with ~$24M outstanding.
PRIM's RFP seeking one or more firms to provide public long-only U.S. REIT investment management services via separate accounts, issued May 31, 2024; led to selection of DWS Group and PGIM Real Estate.
PSERS Investment Office and Aksia LLC collaboration covering Private Equity, Private Real Estate, Private Credit, Private Infrastructure, and Private Commodities portfolios. Includes RE asset class role, performance analysis, benchmark review, manager relationship summary, pacing plan, and 2024 strategic initiatives. Real estate 2024 pacing budget $400-600M.
PSERS Investment Committee May 30, 2024 meeting covering Capital Markets Update and Q4 2023 Performance Summary, asset class reviews for Private Markets and Public Equity, Strategic Asset Allocation preparation, Carlyle Realty Partners X (motion), and real estate portfolio update.
BAM public investment meeting covering STAR implementation including investment procurement reform, consultant coordination, and new Joint Manager Meeting structure for private real estate and alternatives manager presentations.
Adelante Capital Management monthly REIT manager report for April 2024. Portfolio performance (+12.98% trailing quarter ended April 30), sector allocation to Medical Offices and Laboratories REIT, and market commentary noting NAREIT conference and landlord optimism. Covers REIT portfolio guidelines, sector weights, and manager style summary.
NC IMD staff real estate update showing $587M in new commitments since March 2023 including NorthRock IV separate account, Northpond Retail Partners; core and non-core performance vs. benchmarks as of 3/31/2024.
IMD staff real estate portfolio review as of 3/31/2024; covers $587M in commitments since 3/31/2023 (NorthRock IV, NorthRock I, Northpond Retail Partners SMA), performance benchmarked vs. NCREIF ODCE.
IMD staff real estate update covering 2023–2024 commitments (~$587M: NorthRock IV, NorthRock I, Northpond Retail Partners, RXR NC), allocation, cash flow pacing, core and non-core performance versus benchmarks.
PSERS Investment Committee pre-deliberation meeting agenda for May 23, 2024 covering Carlyle Realty Partners X, L.P. and CION Grosvenor Infrastructure. The formal action on Carlyle X was taken at the May 30, 2024 board meeting.
ERS staff annual review of public real estate ($741M, 1.9% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.
Meketa Investment Group consultant report on ERS Texas private real estate portfolio covering Q4 2023 market overview, valuation trends, and portfolio performance; presented at May 2024 Joint Board-IAC meeting.
GP presentation for AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in office, retail, residential, industrial, hotels, self-storage, senior and student housing across Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, and UK. Minnesota SBI committed $125M, approved May 21, 2024.
Board approval page for the May 21, 2024 SBI meeting confirming $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), plus $175M to Blue Owl GP Stakes VI and $200M to KKR Global Infrastructure V. Total $625M.
NEPC May 2024 asset/liability study recommending shift in real estate exposure: reduce core real estate, increase private real estate debt allocation, expand total real assets from 16.5% to 18% of portfolio.
EVPCFO disclosure of follow-on commitments: up to $145M to SDC Capital Partners (US/Europe data center development) and up to $100M to MDH Partners (US industrial warehouse/distribution).
Educational presentation by Cliffwater on Real Assets and Real Estate asset classes as part of SCERS' 2024 ALM study educational series. Covers portfolio roles and objectives, Real Assets timeline (7% target allocation, infrastructure/energy/power/agriculture sub-strategies), and real estate program overview. Final installment before ALM study enterprise risk tolerance survey.
Verus total fund investment performance review for SCERS for Q1 2024 (quarter ending March 31, 2024). Covers all asset classes including real estate at 7.1% vs 9% target. Part of the broader ALM study year with asset class education series.
SCERS portfolio allocation and rebalancing report for Q1 2024 (ending March 31, 2024). Shows real estate allocation at 7.1% vs 9% target. Covers asset class drift and rebalancing recommendations.
Cambridge Associates annual benchmarking report; notes UW underweight to private investments vs peers; real assets and ILBs peer mean ~7% vs UW actual ~4%.
UWINCO annual investment program review; CEF real assets allocation ~4% (~$218M) of $5.4B endowment as of Dec 2023, with target 5% policy weight.
Albourne presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios at May 9, 2024 board meeting.
Presentation and consideration of Sterling Value Add Partners IV, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $184M announced at July 2024 IAC meeting. Value-add strategy continuing Sterling's retail/mixed-use/residential platform.
Real Estate Structural Review presented by Denise Stake (PIO), Olivia Wall (SIO), and Philip Conner (IO). Reviews CRPTF RE portfolio positioning, strategy targets, manager roster, and structural objectives ahead of 2024 deployment cycle. Also includes Fixed Income Structural Review at same meeting.
Presentation and consideration of Artemis Real Estate Partners Income & Growth Fund II, L.P., presented by Denise Stake (PIO) and Olivia Wall (SIO). Also presented at same meeting: Real Estate Structural Review. Commitment of $200M announced at July 2024 IAC meeting. Core-plus income/growth strategy across diversified property types.
ICM packet for May 1 2024 containing Verus Advisory's final total fund review for December 31 2023 (the last before NEPC took over as GIC), an NEPC asset-liability study presentation for the asset allocation decision, and the ACERA/NEPC preliminary asset allocation mix analysis. Verus total fund review includes real estate attribution (ACERA RE portfolio at approximately $830M with 5.02% one-year net return) and real assets performance data.
ICM packet for the May 1 2024 meeting at which the board considered a $50 million investment in Heitman Value Partners VI as part of ACERA's real estate portfolio. Presenters: Thomas McCarthy, John Mancuso, and Michael Tench of Heitman LLC, plus Callan consultants. The packet also contains a Verus total fund review for December 31 2023 and an asset-liability study. GP materials exempt from disclosure per CA Gov. Code.
Hamilton Lane Q1 2024 RE performance update for SBCERS; deal reviews cover Hillwood US Industrial Club VII, Kayne Anderson Real Estate Partners VII, and Stonepeak Real Estate Partners with $10M each committed.
NEPC total-fund IPA for period ending Dec 31, 2023; covers NMERB private real estate and natural resources allocation performance review.
IPI Partners education session on data centers and connectivity-related real assets presented at the April 2024 VPIC Retreat. Covers the generational opportunity in digital real assets, AI-driven data center demand growth (~15.5 GW by 2026), hyperscale tenant dynamics, and colocation market trends — a precursor to the IPI Partners III formal fund pitch.
Callan review of D.B. Fitzpatrick and the Idaho Commercial Mortgage Program conducted in Q2 2024, including in-person meetings and property tours in Coeur d'Alene, Post Falls, and Lewiston. Reviews CMP portfolio (~$992M, 270 loans, avg $3.4M), underwriting, and performance vs Bloomberg MBS Index. Callan recommends continuing with DBF.
Callan 2024 annual real estate portfolio review for PERSI. Portfolio as of December 31, 2023: AEW separate account $1,049M (51.7%), PGIM PRISA $82M (4.1%), Adelante $617M (30.4%), MCM REIT Index Fund $283M (13.9%), total $2.03B. Covers market overview, AEW account performance, PRISA overview, and Adelante review. Recommends retaining AEW.
D.B. Fitzpatrick presentation on PERSI's Idaho Commercial Mortgage Program (April 2024). DBF AUM $1.32B total; Idaho Mortgage Program $992M. Covers market outlook (constrained lending, office sector pressure, multifamily softening), portfolio composition (270 loans, 0.0% delinquency rate, no REO), and competitive positioning. Presented by Brandon Fitzpatrick (CEO) and Casey Macomb (PM).
NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 24, 2024 regular meeting, covering portfolio performance including real estate and real assets, plus the Q4 2023 RVK quarterly performance review.
Staff recommendation memo recommending $75M commitment to Heitman Value Partners Fund VI. Only value-add fund seeking investment in 2024. Discusses pacing projections, fee discount incentives (total 47% discount to 80bps on invested capital), and PERS' prior Heitman relationship (Funds III-V).
PERSI CIO memo (dated April 22, 2024) introducing the 2024 annual real estate review. Callan presentation by Sally Haskins and Jonathan Gould covers AEW (private RE), PGIM PRISA (core fund), and Adelante (REIT). Callan notes AEW 'remains a stable organization' and 'is exceeding the objectives of the program.' Second presentation covers Idaho CMP managed by D.B. Fitzpatrick.