Document library

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the July 30, 2025 regular meeting, including Q1 2025 RVK performance review and portfolio update covering real estate and real assets holdings.

Staff memo and IPC report proposing up to EUR 75 million in DIF Infrastructure VIII SCSp, up to EUR 75 million in DIF Value-Add IV SCSp, and up to EUR 150 million in a co-investment vehicle, all managed by CVC DIF. CVC DIF has deployed over EUR 11 billion across 220+ investments with a loss ratio below 1.5%. Presented at SIC July 30, 2025 regular meeting.

Meketa Q2 2025 private markets report for Oklahoma TRS covering real estate (32 funds, $2.65B committed, $1.70B FMV) and private equity program.

CIO quarterly review for Q1 2025; $375M new commitments including Real Estate & Infrastructure; real estate returned 11.17% with 18.9% allocation.

Cliffwater quarterly performance review for SCERS: Absolute Return Q1 2025, Private Equity/Credit/Real Assets Q4 2024. Real Assets returned 0.8% in Q4 2024 outperforming benchmark. Portfolio real assets since inception 10.4% net IRR. Infrastructure and energy-led performance.

CalPERS Investment Committee agenda staff memo for Item 6e2, June 16 2025. Covers the Infrastructure Annual Program Review (separate item from RE in 2025). Introduces open-session presentation (Att 1) and Meketa Infrastructure Update (Att 2). Presented by Sarah Corr, Daniel Booth.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2025 (Item 6e2 Attachment 2, June 16 2025). Infrastructure outperformed benchmark for all periods; 1-year return 9.7%. 13 pages.

Callan quarterly real estate portfolio performance report for NHRS for the period ending March 31, 2025, included as informational material at the June 10, 2025 IIC meeting.

Board meeting notice of results documenting Neuberger Berman fund overview and new tranches presentation, plus Aksia's 2024 Annual Real Estate Review and Pacing Analysis Update, heard June 5, 2025.

Staff-issued RFP for qualified closed-end value-add and/or opportunistic real estate fund managers; Marquette Associates assisting with search; issued following June 2025 Board approval to issue RFP.

Staff recommended investing up to €60M in Hines European Property Partners Fund, a European core-plus open-end real estate fund, completing SCERS's globalization of core allocation.

IMD staff inflation-sensitive pacing review as of 3/31/2025; 47 funds ($6.1B), sub-strategies include private natural resources (30%), real assets & diversifiers (40%), infrastructure, data centers, and timberlands.

Callan-prepared fund profile for Ares Secondaries Infrastructure Solutions III included in APERS May 2025 infrastructure secondaries search. Covers Ares Management background, fund strategy targeting secondary infrastructure investments, key professionals, vehicle history, terms, and Callan commentary. Ares team began secondary real asset program in 2015; predecessor strategy known as Landmark Infrastructure Partners.

Cambridge Associates annual benchmarking report for FY2024; UW overweight public equities and underweight private investments vs peers; monitors private investments and uncalled capital.

UWINCO annual investment program review; CEF real assets at 4% (~$221M) of $5.7B endowment as of Dec 2024, target 5%; no change to strategic asset allocation recommended.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 30, 2025 regular meeting, including Q4 2024 RVK performance review and portfolio update including real estate and real assets. Notes modification to Townsend SMA.

Staff memo and IPC report proposing a $400 million investment in Townsend Real Estate SMA, a customized separately managed account focused on middle market primary funds ($500M-$2B) as well as tactical investments including JVs, platforms, and seed investments. Targets 13% net returns. Aksia LLC served as RE consultant. Presented at SIC April 30, 2025 regular meeting.

Callan quarterly real estate portfolio performance report for NHRS for the period ending December 31, 2024, included as informational material at the April 8, 2025 IIC meeting.

Board meeting notice documenting Meketa's Q4 2024 performance review, implementation plan, benchmarking analysis, and investment manager fee review for COPERS, heard April 3, 2025.

ICM packet for April 2 2025 containing the updated ACERA Real Assets Policy (NEPC-prepared) as an action item, plus the 2025 Real Assets Investment Plan (2025–2034). The plan targets a 6% total fund weighting for real assets with a 67% private infrastructure / 33% private natural resources sub-class split. NEPC proposed using a liquid pool (S&P Global Infrastructure Index 60% / S&P Global LargeMidCap Commodity and Resources Index 40%) while building the private portfolio. Commitment pacing of $120–$170M/year planned.

CIO quarterly review for Q4 2024; new commitments of $405.5M across asset classes including Real Estate & Infrastructure; REID unfunded ~$2.8B.

Aon Q1 2025 quarterly investment review for Oklahoma TRS covering total fund performance through March 2025, real estate composite returns, and private markets allocation.

Meketa Q1 2025 private markets report for Oklahoma TRS covering real estate (31 funds, $2.54B committed, $1.67B FMV), IRR 5.2%, with fund-level performance detail.

Albourne Partners presented a Real Assets Education session to the Real Assets Committee covering portfolio strategy, infrastructure, natural resources, and market context for LACERA's real assets portfolio.

Board approval page for the March 21, 2025 SBI meeting confirming authorization of private markets fund commitments.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q4 2024), Private Equity, Private Credit, and Real Assets (Q3 2024). Real Assets returned 0.8%, outperforming benchmark. Infrastructure-led performance.

Investment Committee agenda for Mar 18 2025 recommending top-off and co-invest commitment to Starwood Distressed Opportunity Fund XIII, L.P. (Starwood Capital Group).

BERS staff memo recommending Meketa Investment Group as new private markets investment consultant covering real estate, infrastructure, and private equity, replacing Aksia CA; includes Meketa selection rationale memo.

IFC minutes from March 5 2025 embedded in APERS March 2025 board packet. Board approved three new core infrastructure managers: CBRE, IFM, and JPMorgan (each $50-75M). Approved StepStone Group LP as secondary real estate manager (paired with Neuberger Berman). Approved Blue Owl IPI (AI/data center infrastructure strategy) for $50-75M. Also includes Callan Q4 2024 real assets report showing performance for Carlyle, Clarion, Invesco, Heitman REIT, Principal Enhanced Property Fund, Harrison Street VIII/IX, Heitman Value Partners IV, LaSalle VI/VII, TA Realty XII/XIII.

Staff memo and presentation on SFERS liquidity management; 2025 Real Assets commitment pacing set at $550M (down from $600M); total private markets allocation 51% vs 40% target; worked with Cambridge Associates on cash flow and commitment pacing models.

Detailed presentation for Artemis Real Estate Partners Healthcare Fund III, L.P. – a Core-plus fund focused on medical office, senior housing, and healthcare-related real estate debt. Artemis expected to be acquired by Barings LLC (MassMutual subsidiary) by Q1 2025. Recommended commitment $150M. Strong demographic fundamentals from aging population cited as key driver.

ICM packet for March 5 2025 containing NEPC's information item reviewing proposed amendments to ACERA's Real Assets Policy (with redline), plus NEPC's semiannual total fund performance review for December 2024. The RE policy review (as information item ahead of the April 2025 approval) covers proposed changes to sub-class targets, liquid pool proxy strategy, and delegated authority. The March packet also contains the Emerging Markets equity manager finalist interviews.

IMD staff rebalancing overview showing non-core real estate underweight at 1.6% vs 3.0% SAA target and core real estate near-target at 4.9%; Phase II to deploy capital via private market pacing plans in May 2025.

NEPC total-fund IPA for period ending Dec 31, 2024; covers NMERB private real estate composite performance; presented at Feb 2025 BOT meeting.

Callan quarterly real estate portfolio performance report for NHRS for the period ending September 30, 2024, included as informational material at the February 11, 2025 IIC meeting.

Board of Retirement staff report (File 25-038) covering Q4 2024 deal flow for both private equity and private real estate; 12 of 36 proposed investments approved; 2025 pacing plan budgeted at $650M PE and $145M RE.

NJ Division of Investment staff presentation to the State Investment Council covering Fiscal Year 2024 performance (10.74% net return). Notes addition of private real estate and private credit sleeves to the Emerging Managers Platform as of December 31, 2024, and a second Emerging Managers Symposium in June 2024. Presented at the January 29, 2025 annual meeting.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the January 29, 2025 regular meeting, covering capital markets update, pension fund performance as of December 31, 2024, and real estate/real assets portfolio detail including modifications to KSL Tactical Opportunities Fund II.

US Agriculture LLC formal GP presentation to VPIC for the US Core Farmland Fund, updated through Q3 2024. Covers the firm's 100+ year Halderman/Hageman heritage, 57-farm $625M portfolio across 64K gross acres, diversified row and permanent cropland strategy, NCREIF Farmland Index benchmarking, and ESG/sustainability program. VPIC approved a $35M commitment.

Presentation and consideration of BIG Real Estate Fund III, L.P., a non-core real estate fund presented by Denise Stake (PIO) and Philip Conner (IO). Committed at $200M. Part of 2025 pacing plan non-core allocation. Also at same meeting: GCM/CT Real Estate Small and Middle Market Fund, L.P. and 2025 pacing plan overview.

ICM packet for January 8 2025 containing NEPC and Staff's information item reviewing proposed amendments to ACERA's Private Equity Investment Policy. The policy explicitly cross-references the Real Estate Policy and Real Assets Policy, noting that opportunistic real estate investments are covered under the PE policy. The proposed workplan for 2025 shows upcoming real estate items including a real estate policy amendment and a possible real estate core investment decision.

CIO quarterly review for Q3 2024 presenting new commitments within Real Estate & Infrastructure Division; discusses public vs. private real estate themes.

Investment Committee agenda for Jan 7 2025 recommending a top-off commitment to NB Real Estate Secondary Opportunity Fund II, L.P. (supplementing the 2024 initial commitment), part of the $555M 2025 alts pacing plan.

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.

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.

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.