Document library

Adelante Capital Management monthly REIT manager report for January 2026. Portfolio performance: +4.58% month, +6.9% 1-year. Best holding: Alexandria Real Estate Equities +11.9%. Market commentary: constructive start to the year for commercial RE. Portfolio $630M.

RCLCO Fund Advisors Q3 2025 semi-annual real estate strategy presentation for CalSTRS Investment Committee, covering performance through September 30, 2025.

Verus total fund investment performance review for SCERS for Q4 2025. Covers all asset classes including real estate (6.5% allocation vs 8% target) and real assets. Full performance attribution across public equity, fixed income, alternative assets, and real estate.

Meketa Investment Group quarterly performance report for period ending December 31, 2025 (Meketa's first quarter as SAMCERA's investment consultant replacing Verus); includes real estate portfolio performance and Clarion Alternative Sectors Fund onboarding context.

ICM packet for February 4 2026 containing NEPC's 2026 capital market assumptions presentation (as of December 31 2025), including 10-year return forecasts for real estate core, real estate non-core, private debt real estate, and private real assets infrastructure. Also covers NEPC's total portfolio approach education session, overlay/cash equitization education, and Callan's affordable housing real estate education Part 1.

Northern Trust private markets program report covering June and September 2025 data, prepared for the January 27 2026 Board meeting. Notes real estate program PGIM fund has grown disproportionately due to relative outperformance and opportunity to rebalance program. Covers Morgan Stanley Prime Property, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII, Brookfield BSREP V, Graceada Partners IV, PIMCO EDCO. Meketa transition complete. Bundled in January 27 2026 board book.

Quarterly investment manager compliance and watch list report for Q4 2025 presented at the January 21, 2026 board meeting. Reviews compliance status of all investment managers including real estate fund managers.

Townsend Group educational presentation on affordable housing real estate investment strategies for SCERS board. Covers LIHTC (Low Income Housing Tax Credits), NOAH (Naturally Occurring Affordable Housing), Section 8, and rent-regulated housing. Includes investment strategies, targeted returns, and historical performance. As of Q3 2025, 4.0% of SCERS' RE portfolio was affordable housing.

Verus semi-annual performance report for private real assets portfolio as of June 30, 2025; $433.6M market value across 22 active funds and 14 managers; CIO report discloses $30M Clarion Alternative Sectors Fund initial commitment under delegated authority.

Staff informational memo disclosing four new RE commitments via delegated authority: Covenant Apartment Fund XII ($60M, Sun Belt multifamily value-add), Hines Rialto Credit Partners ($100M, office RE debt), EQT Europe Logistics Value Fund V (€65M, European industrial opportunistic), and ICG Metropolitan II ($60M, European urban industrial value-add).

Comprehensive 2026 private markets pacing plan presented by Mark Evans and Denise Stake. RE target: $600M core, $550M non-core, $1.15B total in 2026. CRPTF grown to $67.9B projected for 2025 year-end. Strategic goal: reach 10% RE allocation by 2028. Includes multi-year pacing charts through 2035. INR 2026 target: $800M. PE: $2.4B. Credit: $1.1B.

2026 Real Estate pacing plan overview presented alongside broader private markets pacing review. 2026 targets $600M core and $550M non-core RE commitments ($1.15B total). Strategic objective to reach 10% RE allocation by 2028. Presented January 14, 2026; no RE fund presentations at this meeting (PE-focused session).

Board of Retirement staff report (File 25-438.1) recommending approval of the 2026 Real Estate Pacing Plan targeting up to $155M; recaps 2025 commitments of $75M Kayne Anderson RE VII, ~$20M co-investment, and €50M PGIM PRECap VIII.

NEPC monthly flash report with comprehensive private real estate partnership performance table (2023 vintage additions: ACORE Credit Partners II, ElmTree U.S. Net Lease Fund V, Oaktree Real Estate Debt Fund IV) and private real assets (Grain Communications Opportunity Fund IV, Brookfield Infrastructure V).

Q4 2025 quarterly investment report covering private investments including real assets (real estate, infrastructure, timber, commodities, agriculture/farmland) performance.

Full-year 2025 investment performance review by Callan with dedicated private real assets and private real estate sections; portfolio $60.8B.

FY2025 ACFR lists TRS's 71 real estate limited partnerships including Blackstone Real Estate Partners IX/X/Asia, LaSalle Asia Opportunity IV/VI, Lone Star Real Estate VI, Madison International, Rockpoint VI/VII, Walton Street Core-Plus/VI/VII, Carlyle Realty VIII/IX, Elion Industrial II, BIG Real Estate I/II, and multiple real estate debt funds.

CalSTRS staff semi-annual activity report for real estate as of December 31, 2025, listing $3.178B in new commitments including Heitman CMA Fund VI, Artemis Healthcare Fund III, Harrison Street CMA, TPG Real Estate Credit Opportunities, and LaSalle Property Planet Protection.

SWIB committed $60M to WESCO VII (Essex Property Trust) in Q3 2025. 50/50 JV investing in structured finance investments for West Coast multifamily markets (NorCal, SoCal, Seattle). First transaction: $42.6M preferred equity for 480-unit South SF development at 13.5% preferred return. Disclosed in December 2025 SWIB Board meeting.

StepStone real estate Q2 2025 quarterly report; Q3 2025 subsequent: Ares Industrial Real Estate Fund ($93M, Core, US); Q4 commitments disclosed: Ares US RE Fund XI ($90M), PCCP Equity X ($90M), Raith Real Estate IV ($45M).

PSERS staff presentation and board resolution committing up to $100M to LEM Multifamily Fund VII, L.P. LEM is an experienced multifamily specialist investing in Class B workforce housing in infill locations of large US markets. Board approved December 12, 2025.

CEM Benchmarking Inc. investment cost benchmarking report for PSERS covering the 2024 period. Presented December 2025. Benchmarks PSERS private real estate investment costs and asset management fees against peers.

PSERS Investment Committee December 11, 2025 full meeting covering Capital Markets Update, Private Markets Pacing Analysis, Aksia consultant review, CEM Fee Report, Cabot Industrial Value Fund VIII (motion), LEM Multifamily Fund VII (motion), and HarbourVest Strategic Partnership.

Townsend Group Q3 2025 real estate performance report. Portfolio 6.1% vs 8% target; core 53.8% and non-core 46.2% of portfolio. Top performers: NREP Nordic Strategies Fund IV (+9.3%), Hammes Partners II (+2.6%), Asana Partners Fund III (+2.3%). Bottom: Carlyle China Project Rome (-6.8%), Carlyle China Realty (-6.8%). No new commitments Q3 2025.

STRS Ohio investment committee agenda package for December 2025 meeting including CEM 2024 benchmarking, Albourne CY2024 fee validation, Meketa and Callan Q3 2025 performance reviews; RE allocation 8.3% vs 10% policy target.

CEM benchmarking report covering calendar year 2024 cost data presented December 10, 2025; real estate funds management fees $26M, other fund expenses $30M; STRS Ohio total RE cost ~38.8bp vs peer median 45.8bp.

PSERS Investment Committee pre-deliberation meeting December 4, 2025 covering Cabot Industrial Value VIII, L.P., LEM Multifamily Fund VII, L.P., OceanSound Partners Fund III, and HarbourVest Strategic Partnership. Formal action at December 11/12, 2025 board meeting.

Board recap summarizing the Real Estate & Real Assets program review: $11.6B across four portfolios, near long-term 20% target (22% target), growth in demographic-driven investments, $106 trillion infrastructure demand opportunity through 2040.

Meketa (new investment consultant replacing Aon) Q3 2025 quarterly performance review: Real Return Policy Benchmark +1.5% for quarter; real estate asset class performance vs NCREIF ODCE benchmark; TRS RE allocation ~15% of Real Return bucket.

ICM packet for December 3 2025 containing Callan's semiannual real estate portfolio review for the period ending June 30 2025. The RE report shows ACERA's $830M real estate portfolio at 6.31% of plan versus 8.2% target, with unfunded commitments to Heitman Value Partners VI and Starwood Distressed Opportunity Fund XIII. Also includes NEPC semiannual reviews of real assets (including Brookfield Global Transition Fund II-B and Rockland Power Partners V reports) and Artemis Healthcare Fund III delegated authority report.

Nevada PERS Fiscal Year 2025 Public Annual Financial Report. Summary financial report including investment overview for year ended June 30, 2025. Private Real Estate at $3.18 billion (4.5% of total fund). Total plan assets $70.5 billion. Managers: AEW (core RE) and Invesco Realty Advisors (core RE). Consultants: Callan Associates and Jobs Peak Advisors.

FY2025 ACFR investment section listing 84 real estate partnerships ($6.3B fair value, 10.1% of assets) across 39 firms; 5 new commitments totaling $505M in FY2025 including Blue Owl Digital Infrastructure, Fairfield Multifamily Value Add IV, Jadian Fund II.

FY2025 ACFR showing 15% real estate target allocation; real estate rebounded with 4.5% return after two consecutive negative years; $307.8M NAV; managers: American Realty, Barings, Clarion Partners, Artemis RE Partners IV, Basis Investment Group (Big RE Fund I & II), Thor Urban.

StepStone Group partner Margaret McKnight presented a Real Estate Update and Education covering the investment universe, asset class characteristics, performance drivers, and portfolio objectives for LACERA's real estate program.

CIO investment section of FY2025 ACFR covering the $7.0B (9.5% of assets) real estate portfolio, listing all private real estate fund relationships including Heitman Value Partners VI, Clarion Lion Industrial Trust, Brookfield Strategic Real Estate Partners IV, Carmel Partners VIII, Asana Partners III, TruAmerica Workforce Housing Fund II, and performance of 3.1% for the fiscal year.

Aon quarterly investment review covering real estate asset class performance ($6.6B at 9.0% allocation) with property type breakdown and benchmark attribution as of June 30, 2025.

SCERS 2025 year in review and 2026 Annual Investment Plan presented at the November 19, 2025 board meeting. Covers investment activities and strategic priorities for 2026 including real estate pacing, target allocation management, and manager pipeline.

NCIA board performance review (AUM $206.86B as of 9/30/2025) including core RE ($14.8B) and non-core RE ($2.2B) allocations, recent commitments (LBA NC Core Industrial, Northpond Retail Partners, HRLP Bloc 83), and Callan in attendance.

Verus quarterly Investment Landscape report including a standalone 'State of the Core Real Estate Fund Universe' section; CCCERA RE portfolio includes Rialto Credit Opportunities Fund (RE debt), Adelante/Invesco REITs, and 20+ private RE funds.

Most recent performance deck (Sept 30, 2025): GEP real estate $3.03B – BREIT 59% ($1,777M), Legacy 41% ($1,249M); assets total $208.8B.

AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2025 (Item 4f Attachment 1, November 17 2025). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.

Comprehensive Real Estate Fund Strategic Review presented by Amit Aggarwal, PIO. Covers CRPTF RE portfolio performance vs. NCREIF NFI-ODCE benchmark, current $3.9B NAV, portfolio composition by strategy and property type, and 2026 pacing plan targets of $1.15B. As of Q2 2025, RE = 6.2% of CRPTF vs. 10% target.

NEPC quarterly IPA; records Edgewood Partners V ($100M, RE), ArrowMark CRE SF Fund II ($80M, RE), Brookfield US REIT renewal approved Aug–Sep 2025.

CIO James Bennett memorandum and presentation consolidating Infrastructure, Natural Resources, and Real Estate into a new Real Assets asset class; reviews pacing plan and strategy with 2.5% allocation reduction.

Board of Retirement staff report (File 25-392.1) recommending approval of €50M (~$68M) commitment to PGIM PRECap VIII; a junior debt and preferred capital fund secured by UK and Western European real estate; IC recommended 4-0 on October 9, 2025.