Fund Universe Library

Presentation and consideration of Penzance DC Real Estate Fund III LP, a Washington DC-focused value-add real estate fund, presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $125M announced at January 2024 IAC meeting. DC-metro market focus.

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.

Blue Owl formal GP presentation to VPIC on Blue Owl Real Estate Fund VI, their $24.8B AUM net-lease platform (fka Oak Street). Covers fund strategy targeting triple-net sale-leaseback transactions with investment-grade and creditworthy tenants, targeting ~8% annual net income, and track record across prior fully realized funds.

RVK due diligence recommendation letter for Blue Owl Real Estate Fund VI to VPIC. Recommends a $50M commitment to the net lease core-plus strategy. Includes detailed merits, issues to consider, fund terms, and RVK's investment thesis.

Angelo Gordon formal GP presentation to VPIC for AG Net Lease Realty Fund V. Covers the firm's specialization in credit and real estate, 18-year net lease track record executing $50B+ in global acquisitions, focus on non-investment-grade tenants in industrial/cold-storage/food production properties, and European net lease expansion.

RVK due diligence recommendation letter for Angelo Gordon Net Lease Realty Fund V to VPIC. Recommends a $50M commitment. Covers the AG net lease strategy's 18-year history, non-IG tenant focus, and competitive differentiation versus Blue Owl.

Staff recommended a $20M commitment to AG Europe Realty Fund IV, a European non-core real estate strategy; discussion included Angelo Gordon's acquisition by TPG.

Staff recommended a $30M commitment to Brookfield Strategic Real Estate Partners V, a global sector-diversified non-core real estate strategy; NEPC concurred with top rating.

NJ Division of Investment quarterly Director's Report presented to the State Investment Council at the October 25, 2023 regular meeting, including unaudited FY2023 pension fund performance, FY2023 performance review by asset class including real estate and real assets, and alternative investment closings update.

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.

Verus Advisory private markets education deck presented to the StanCERA Board at the October 2023 meeting. Covers the case for private markets, key considerations, implementation options, and a pacing model (Verus PE Roadmap). Includes fund-of-funds fee analysis. Part of bundled October 24 2023 board book.

NEPC asset liability study presented to StanCERA Board in October 2023. Recommends reducing core real estate by 1.5% and infrastructure by 0.5% to expand private credit. Proposes new strategic asset allocation with 18% total real assets target. Bundled in October 24 2023 board book.

Staff memo presenting Q2 2023 private markets program performance for real estate: Morgan Stanley Prime Property Fund (core), PGIM Real Estate U.S. Debt Fund, Greenfield Acquisition Partners VII, and Grandview Property Partners I & II. TA Realty Value Fund XIII newly added as value-add manager this quarter. Bundled in October 24 2023 board book.

Verus Advisory private markets performance review for StanCERA covering the period ending June 30 2023. Includes investment summary for private credit and real assets. Bundled in October 24 2023 board book alongside the private markets education deck.

Board resolution authorizing the Comptroller to commit $29M of BERS Real Assets portfolio to an investment management fund, per Aksia TorreyCove Partners consultant recommendation dated September 20, 2023.

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.

Continued Callan asset allocation review for NYCERS at October 2023 special meeting; recommends strategic asset allocation including private real estate target weighting.

ICM packet for October 4 2023 containing the NEPC-Meketa general investment consultant transition plan memo following the Board's September 21 2023 approval of NEPC as new GIC. The separate standalone document posted for this meeting (2023_10_03 Verus presentation) contains a total fund review and private markets capital markets update by Verus Advisory for Q2 FY2023, including real estate performance attribution showing ACERA's real estate portfolio.

Standalone Verus Advisory total fund review and private markets capital markets update for ACERA for Q2 FY2023, distributed separately at the October 4 2023 ICM. Covers total fund performance attribution including real estate (showing -5.7% one-year, -9.7% three-year returns), private equity, real assets, and private credit. Includes market commentary on private equity deal activity, private credit trends, and real assets market conditions.

FY2023 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) and Blackstone Real Estate Partners series IV–VII, with performance and fee data for year ended June 30, 2023.

Marquette Associates monthly flash report for September 2023 IC meeting with real estate composite performance and allocation detail including American Realty, Morgan Stanley Prime Property, and UBS Trumbull.

Meketa quarterly performance update including real estate allocation (core and non-core) performance review for COPERS as of September 30, 2023.

Staff and NEPC presented annual real estate deep dive: 12.1% allocation, transition from US core to global diversified, search for Europe non-core strategy previewed.

Verus annual private real estate performance and pacing review for CCCERA; recommends $400–450M annual commitments; portfolio covers value-add and opportunistic strategies across Long Wharf, LaSalle, Invesco, EQT, Oaktree, DLJ, Siguler Guff, and others.

RVK consultant tear sheet for Blue Owl Real Estate Fund VI summarizing offering terms, track record, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

RVK consultant tear sheet for Angelo Gordon Net Lease Realty Fund V summarizing terms, track record across AG net lease series, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2023. Includes portfolio performance vs NCREIF ODCE and C|A Non-Core benchmarks, market and portfolio update, investment-level performance appendix, and real estate strategy summaries across core and non-core managers. Presented at September 19, 2023 Investment Committee meeting.

Board resolution authorizing the Comptroller to commit $40M of BERS real estate portfolio to an investment management fund, per Aksia TorreyCove Partners consultant recommendation dated June 19, 2023.

Board adopts Segal Marco Advisors recommendation to amend BERS Asset Allocation Policy, formalizing targets for private equity, real estate, and infrastructure alternatives.

FEG Q2 FY2023 investment update; real estate returned -5.8% vs. benchmark, with 8% allocation in endowment pool encompassing HART, PRISA, and Farallon.

FY2023 annual investment report for the endowment pool; real estate allocation ~8% including HART, PRISA LP, Farallon RE III, and SRE Opportunity Fund IV.

FY2023 fee summary listing Heitman America Real Estate Trust ($9.0M), PRISA LP ($5.9M), Farallon Real Estate III ($23.5M), and SRE Opportunity Fund IV ($9.4M).

Staff memo recommending a 120-day extension of Aon's real estate consulting contract through January 2024 to accommodate a board presentation by Aon's real estate team.

EVPCFO disclosure of follow-on commitments: $75M to Merit Hill Capital (US value-add self-storage) and ¥7B to Star Asia Group (Japan real estate special situations), both committed in 2022.

Annual GEP performance review (June 30, 2023): real estate portfolio $2.7B – BREIT 57% ($1,550M), Legacy 43% ($1,152M); BREIT returned -5% fiscal YTD.

StepStone real estate Q1 2023 quarterly report; shows new Q1 2023 commitment: Waterton Residential Property Venture XV ($135M, Non-Core, US); Q2 subsequent: Blackstone RE Partners Europe VII ($81.9M).

Callan and StepStone asset allocation study for NYCERS presented at the September 2023 investment meeting; includes real estate capital market assumptions and recommended allocation mix.

Callan and StepStone joint 2023 strategic asset allocation review for NYCERS presented at September 2023 board meeting; evaluates real estate target weights alongside private equity, infrastructure, and alternatives under updated capital market assumptions.

CalPERS Investment Committee agenda staff memo for Item 5c, September 18 2023. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2023) is Attachment 6; Meketa Infrastructure is Attachment 7.

Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 6, September 18 2023). Covers portfolio returns, benchmark comparison, sector allocation, and market commentary. 14 pages.

Meketa Investment Group quarterly infrastructure performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 7, September 18 2023). Covers portfolio returns, policy parameters, and market commentary. 13 pages.

Delegated investment report disclosing up to $100M commitment to Brookfield Strategic Real Estate Partners V (opportunistic real estate), closed August 28, 2023.

ACRE FY2023 annual report covering UW's commercial real estate holdings including Metropolitan Tract (downtown Seattle), lease obligations totaling $108M/year, and major development transactions.

Verus Advisory quarterly investment performance analysis covering Real Assets asset class results through June 30, 2023 (fiscal year review), presented at September 2023 commission meeting.

Aon investment consultant Q2 2023 quarterly performance review including real estate asset class (NCREIF ODCE benchmark), attribution analysis, and asset allocation context for TRS $196B portfolio.

ICM packet for September 6 2023 for the general investment consultant finalist interviews (Callan, Meketa, NEPC, Verus). Contains Cortex Consulting's comparative analysis of finalists including their real estate consulting capabilities, fees, and recommendation. NEPC was ultimately selected. The packet details real estate consulting fee proposals ($180K–$280K/year) and notes that NEPC does not advise ACERA on real estate investments (Callan retained as RE consultant).

Presentation and consideration of Blue Owl Real Estate Fund VI, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $200M announced at November 2023 IAC meeting. Blue Owl is a top-5 manager by NAV in CRPTF RE portfolio. Net-lease focused value-add strategy.