Document library

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.

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.

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).

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.

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.

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.

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.

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.

CalPERS Annual Investment Report for Fiscal Year 2024-25. Contains real estate partnership listings on pages 314-315, listing all 30+ active RE fund investments with committed capital, vintage years, and IRR data. Covers full portfolio including domestic and international funds.

PRIM's August 2025 recommendation and unanimous vote to place Meketa Investment Group (among seven others) on the approved list of project-based real estate and timberland advisors.

Northern Trust private markets program report as of March 31 2025 presented at the October 28 2025 Board meeting. Real estate program covers Morgan Stanley Prime Property Fund (exit queue flagged), PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield VII (Watch - Artisan acquisition), Grandview I & II (Watch - Artisan acquisition), TA Realty XIII, Brookfield BSREP V, Graceada Partners IV. Meketa onboarding commenced. Bundled in October 28 2025 board book.

PSERS private markets annual fee and carry review for calendar year 2024. Covers management fees, performance fees, and total cost of private real estate and other private markets investments presented to Investment Committee in October 2025.

FY2025 ACFR investment section listing MOSERS private real estate managers (CBRE US Core Partners, Harrison Street Core Property Fund, LaSalle Property Fund, Oaktree Real Estate Income Fund, TA Realty Core Property Fund, Stockbridge Core & Value) and Blackstone Real Estate Partners series, with performance and fee data.

Annual performance and fee report for NCRS non-core real estate portfolio as of June 30, 2025, listing all fund commitments, IRRs, and multiples including Blackstone BREP series, TPG RE IV, Northpond Retail Partners, NorthRock funds, RXR NC, Prime Storage NC, LaSalle RE Debt, Harrison Street, Crow Holdings, and others.

Northern Trust private markets report as of December 31 2024 (full-year 2024 data) presented at the August 26 2025 board meeting. Covers StanCERA real estate program: Morgan Stanley Prime Property Fund, PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield Acquisition Partners VII, Grandview Property Partners I & II, TA Realty Value Fund XIII, Brookfield BSREP V. Bundled in September 23 2025 board book.

NEPC quarterly private real assets report presented at the September 23 2025 StanCERA Board meeting. Covers performance of real estate portfolio including Morgan Stanley Prime Property Fund, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII, Brookfield BSREP V, and newly committed Graceada Partners Fund IV. Bundled in September 23 2025 board book.

FEG quarterly investment update (Q2 FY2025) covering LTIP real estate sub-class performance; real estate +5.3% for the year and +4.9% over ten years.

FY2025 annual investment report for the LTIP ($1.18B); includes fee summary showing Heitman America Real Estate Trust, PRISA LP, Farallon Real Estate III & IV, and SRE Opportunity Fund IV holdings.

Townsend Group Q2 2025 real estate performance report. Portfolio 6.4% vs 8% target. Top performers: NREP Nordic Strategies Fund II (+14.3% USD), Prologis European Logistics Fund (+9.5%), NREP III (+10.7%), NREP IV (+9.3%). Bottom: LaSalle China Logistics Venture (-16.3%), Asana Partners Fund II (-5.1%), Carlyle China Project Rome (-4.8%). No new commitments Q2 2025.

StepStone real estate Q1 2025 quarterly report; Q1 2025 commitment: Brookfield SREP V-B ($115M); Q2 2025 subsequent: BIG Real Estate Fund III ($85M, Non-Core) and Vistria Housing Fund ($0M, Core, US).

CalPERS Investment Committee agenda staff memo for Item 5b, September 15 2025. Annual Trust Level Review Consultant Report. Meketa RE Trust Level Review (June 30 2025) is Attachment 7; Meketa Infrastructure is Attachment 8. Includes Wilshire annual Trust Level Review and universe comparison.

Meketa Investment Group real estate trust level review for CalPERS for the period ended June 30, 2025 (Item 5b Attachment 7, September 15 2025). Semi-annual report covering portfolio performance, sector allocation, leverage, and market commentary. 15 pages.

Delegated investment report disclosing $100M commitment to Carlyle Realty Partners X (opportunistic real estate), closed June 17, 2025.

Callan LLC quarterly real assets report for period ending June 30 2025 embedded in APERS Sep 2025 board packet. Core RE: Carlyle Property Investors 0.99%, Clarion Lion Industrial Trust 3.20%, Invesco Real Estate 0.46%, Heitman Real Estate Trust LP 1.52%. Non-core RE: Harrison Street Fund VIII (-0.67%), IX (-0.89%), Heitman Value Partners IV (4.21%), LaSalle VI (2.11%), VII (-14.03%), TA Realty XII (-3.28%), XIII (0.65%). Real Assets total 2.09% quarter, 0.28% 1-year. Blue Owl Digital Infrastructure III 0.06%. Detailed breakdown of $969M core/core-plus RE and $172M non-core RE allocations.

Meketa CRPTF performance review. Fiscal year 2025 commentary notes RE has underperformed relative to benchmark due to post-2022 repricing. Includes INR strategic review and infrastructure pacing. RE remains 6.2% of portfolio vs. 10% target.

NYC Police Pension September 2025 meeting package including Townsend real estate Q1 2025 quarterly report; portfolio lists Blackstone Real Estate Partners X, TPG Real Estate Partners IV, KKR Real Estate Partners Americas IV, Carlyle Realty X, BentallGreenOak Asia IV among 2023-2024 vintages.

ICM packet for September 3 2025 containing Callan's semiannual real estate portfolio performance review for the period ending June 30 2025. The packet also reports on three delegated-authority investments: Artemis Real Estate Partners Healthcare Fund III ($35M real estate), Brookfield Global Transition Fund II-B ($40M real assets/infrastructure), and Rockland Power Partners V ($30M real assets). Also includes NEPC semiannual reviews for private equity, private credit, real assets, and absolute return.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending March 31, 2025; presented September 3, 2025.

Florida SBA Annual Investment Report for FY2024-25 (fiscal year ending June 30, 2025). Covers RE program performance, allocation status vs. 12% target, and investment activity for the year. Includes performance data for all asset classes with real estate showing positive recovery after prolonged negative period.

NEPC quarterly report; real estate composite ~$364M (10.4% of portfolio), Core Real Estate up 12.9% over 1yr led by Principal Global Investors (+32.7%); private real assets ~$176M.

Quarterly portfolio allocation report showing real estate composite ($269.6M, 11.9%): core RE (American Realty, Clarion Lion Properties Fund, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); presented at August 21, 2025 board meeting.

Monthly investment performance flash report presented at August 21, 2025 board meeting showing core real estate composite (American Realty, Clarion Lion Properties Fund, Barings) with +4.5% 1-year return; full manager status and NFI-ODCE benchmark comparison.