Document library

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.

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.

NEPC quarterly IPA; records ArrowMark CRE Structured Finance Fund ($50M, RE) and Ram Realty Partners Fund VII ($100M, RE) approved Feb–Mar 2024.

Board recap summarizing real estate and private credit asset class overview by senior managing directors; covers historical background, investment guidelines, portfolio performance, and private credit within real estate portfolios.

Audited IFRS financial statements for BCI's QuadReal Real Estate Debt pooled fund covering mortgage and real estate debt investments for fiscal year ended December 31, 2023.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for February 2024. Idaho commercial RE market remains in transition, activity muted. Portfolio has no delinquencies and no REO. DBF MBS portfolio commentary and MBS characteristics included. High interest rates continue to constrain lending environment.

Investment Committee staff report (File 24-042) recommending Board approval of a $150M commitment to TPG Angelo Gordon Essential Housing Fund III; a real estate debt strategy providing off-balance-sheet land financing to US homebuilders.

GP presentation for Oaktree Real Estate Opportunities Fund IX, targeting $5B to acquire distressed CRE debt and equity globally (Australia, China, Denmark, Germany, Japan, Netherlands, Poland, South Korea, UK). Minnesota SBI committed up to $175M, approved February 29, 2024.

Board approval page for the February 29, 2024 SBI meeting confirming authorization of $175M to Oaktree Real Estate Opportunities Fund IX and $150M to Blackstone Energy Transition Partners IV.

NYSTRS Investment Committee minutes including a real estate macro markets Q&A with Blackstone's Vik Sawhney (Chief Administrative Officer) and renewal of real estate managers AEW Capital (REITs), Cohen & Steers (REITs), BlackRock (CMBS), Principal Real Estate Investors (REITs), and Raith Capital Partners (RE debt).

TMRS Private Investment Performance Report listing all real estate fund investments as of December 31, 2023, showing a ~$4.5B real estate portfolio spanning value-add and core strategies.

TMRS 2023 Completed Investments Report showing real estate commitments including Virtus Real Estate Capital IV ($125M, value-add), Stockbridge Value Fund V ($125M, value-add), and Invesco Commercial Real Estate Finance Trust ($200M, RE debt).

Full-year 2023 performance review by Wilshire Advisors; private real estate performance through December 2023; IMRF portfolio $52.2B.

Statutory public disclosure of alternative investment vehicle fees for FY2023, including Brookfield Senior Mezzanine Real Estate Finance Fund LP ($50M commitment, 8.38% net IRR since inception).

GP presentation for Torchlight Debt Opportunity Fund VIII, targeting $2B to invest in U.S. CRE debt (senior mortgages, mezzanine, preferred equity, CMBS) across office, hotel, industrial, multifamily, and retail. Minnesota SBI committed up to $150M, approved November 29, 2023.

NEPC quarterly IPA; records Edgewood Partners IV ($100M, Real Assets), RAM Special Opportunities Fund ($50M, RE), Raith RE High Yield Credit ($200M, RE) approved Jul–Sep 2023.

NYSTRS Investment Committee minutes approving new agreements with StepStone Group Real Estate LP (primary RE consultant, $450K/yr) and Meketa Investment Group (secondary RE consultant) following a competitive selection process and presentations.

Staff memo and IPC report proposing a $200 million investment in Cerberus Institutional Real Estate Partners VI, L.P., a global multi-strategy debt and equity real estate fund targeting 17-20% gross returns. Strategy covers non-performing loans, distressed real estate, industrial, multifamily, cold storage, and outdoor industrial storage. $3 billion target fund size. Presented at SIC October 25, 2023 meeting.

PSERS staff recommendation to commit up to $200M to TCI Real Estate Partners Fund IV LP. TCI focuses on stretch senior whole loans of $250M–$1B+ in North American and Western European major markets. Strategy is unlevered and targets first mortgage acquisition and construction lending. Board resolution August 11, 2023.

Aksia LLC consultant recommendation memo recommending a $200M commitment to TCI Real Estate Partners Fund IV LP. TCI REP focuses on large-loan first mortgage lending ($250M-$1B+) in N. American and W. European major markets. Dated July 17, 2023.

BCI 2022-2023 annual report with real estate equity and debt program performance sections covering QuadReal managed portfolios, sector rotation, and Canadian/global allocations.

Second quarter 2023 performance review by Wilshire Advisors including private real assets and real estate manager-level data; portfolio $50B.

PSERS staff recommendation to commit up to $200M to PIMCO Commercial Real Estate Debt Fund II, L.P. Fund targets first mortgage loans on transitional US commercial real estate, with a new 10-20% international allocation. Approved by AIC May 19, 2023; board resolution June 9, 2023.

Aksia LLC consultant recommendation memo recommending a $200M commitment to PIMCO Commercial Real Estate Debt Fund II, L.P. Fund focuses on large first mortgage loans backed by transitional US CRE. Dated May 17, 2023.

Texas PRB-mandated triennial review by Global Sovereign Advisors covering HFRRF's compliance, asset allocation, RE performance, and manager oversight; real estate grew from $196M to $341M (74%) over review period.

Callan's periodic asset allocation review for NYSTRS presented to the Investment Committee in April 2023, covering strategic asset allocation recommendations including real estate equity (target 11%) and real estate debt (target 6%).

CTPF staff recommendation memo for Basis Investment Group Fund III, a MWDBE real estate debt fund, presented to the Investment Committee on February 4, 2025.

Board Action Request for approval of a commitment to Basis Investment Group Fund III, presented to the CTPF Investment Committee on February 4, 2025.

First Look presentation by Caro Investors, a MWDBE real estate credit manager (Chevy Chase MD), to the CTPF Investment Committee on June 7, 2024 as part of the RE debt search.

Board Action Request seeking approval for a re-up commitment to Basis Investment Group Fund III, presented at the March 4, 2025 CTPF First Look meeting.

First Look presentation by Arc70 Capital (Burlingame CA), a MWDBE real estate credit manager, to the CTPF Investment Committee on March 4, 2025.

First Look presentation by TerraCotta Group, a MWDBE real estate credit manager, to the CTPF Investment Committee on June 7, 2024 as part of the RE debt search.

CTPF staff executive summary memo for the MWDBE real estate credit/debt manager search, covering search rationale and finalist overview, presented June 7, 2024.

First Look presentation by Newport Capital Partners, a MWDBE real estate credit manager, to the CTPF Investment Committee on April 5, 2024.

CTPF staff recommendation memo for Newport Capital Partners Fund IV, a MWDBE real estate credit fund, presented at the May 6, 2025 Investment Committee First Look meeting.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $20 million commitment to Bridge Debt Strategies Fund V at the September 25, 2023 Board Retreat & Business Meeting.

Fund presentation deck for Bridge Debt Strategies Fund V (real estate debt) presented to VCERA at the September 25, 2023 Board Retreat & Business Meeting. VCERA approved a $20 million commitment.

NEPC investment consultant joint fund recommendation report for Bridge Debt Strategies Fund V presented to VCERA at the September 25, 2023 Board Retreat & Business Meeting.

August 2025 board book investment update (data as of June 30 2025) listing FY2025 real estate commitments including new addition: Blue Owl Real Estate Capital Fund VII LP ($50M CAPP/$50M TFIP). Also shows Non-Core Fixed Income Asset Class Review (Tab 6) and Real Assets Asset Class Review (Tab 6 – Real Assets). Real estate portfolio at $966M in CAPP, +1.47% 1-year pension.

February 2025 board book featuring Core Fixed Income Asset Class Review. Investment update (data as of December 31 2024) shows FY2025 real estate commitments: Walton Street Real Estate Debt Core Fund LP and NewCold Fund III LP. Real estate at $1.089B in CAPP (6.21%), 1-year performance -2.42%. Walton Street shown in separate accounts at $213M total.

DPFP investment staff and Albourne present Private Credit Strategic Review and Pacing Plan at March 2025 board meeting. Includes real asset/real estate credit strategy analysis; RE credit target 20% (10-30% range) within private credit allocation. Continuation from February 2025 Albourne presentation.

Albourne presents Private Credit Pacing Plan continuation at May 2025 board meeting, with real asset/real estate credit at 20% allocation (10%-30% range). Possible new private credit commitments discussion ($15M approved in June 2025 includes RE credit component).

DPFP staff memo recommending $15M in new private credit manager commitments, approved by the Board. Program reflects pacing plan with Real Asset/Real Estate Credit at 20% target of the private credit allocation (10%-30% range). Marks DPFP's first new private markets commitments in several years.

Callan review of private credit market and benchmarking alternatives for ARMB. Includes real estate debt context. Presented at June 2025 meeting alongside private credit manager search results (Sixth Street TAO, Kennedy Lewis, Comvest). Includes real asset debt categorization discussion.

Fund financial presentation through March 2026. Real assets portfolio at ~$1.06B. Real estate portfolio includes Heitman Real Estate Debt Partners III ($157.6M), Almanac Realty series, KKR REPA series, Sculptor Real Estate, Walton Street RE Debt Core Fund ($49.6M), Heitman Value Partners VI ($467K newly funded), Fidelity CMBS ($3.4M), Silverpeak LP. Action memo for Heitman Value Partners VI $25M commitment dated 01/05/26.