Fund Universe Library

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.

ERS staff annual review of public real estate ($805M, 2.4% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

Meketa Investment Group consultant memo to ERS Board on private real estate portfolio covering Q4 2022 market conditions; rising rates, negative leverage, frozen debt capital markets, and portfolio performance as of Dec 31 2022.

Meketa Investment Group due-diligence summary memo on Berkeley Partners Value Industrial Fund VI for ERSRI's non-core real estate allocation. Dated May 15, 2023.

UWINCO annual investment program review presented to Board of Regents; CEF real assets allocation ~5% (~$207M) of $4.7B endowment as of Dec 2022.

Cambridge Associates annual benchmarking report comparing UW endowment performance and real assets allocation versus peer institutions.

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.

Verus Investments Q1 2023 (period ending March 31, 2023) investment performance review for ICERS. Covers investment landscape and portfolio performance including real estate allocation. Presented at the May 17, 2023 board meeting.

Meketa April 2023 capital markets and asset allocation review; no change to allocation recommended. Meketa was DERP's investment consultant until October 2023 when NEPC was selected via RFP.

Verus investment practices and performance evaluation covering HPOPS' full program including private real estate (~10% allocation), asset allocation, benchmarking, and manager selection as required by Texas Government Code §802.109.

Hamilton Lane quarterly RE performance update for SBCERS covering Q1 2023 portfolio results, commitment activity including Hillwood US Industrial Club VI, High Street Value Fund I, and H.I.G. Europe Realty Partners III deal reviews.

NEPC total-fund quarterly IPA presented to IC; placement agent disclosures record Lone Star Real Estate Fund VII ($75M, RE) approved Jan 2023.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 26, 2023 regular meeting, covering capital markets update, pension fund performance, asset allocation, and real estate/real assets portfolio detail.

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%).

Delegated investment report disclosing $75M commitment to Stockbridge Value Fund V (value-add real estate), closed April 18, 2023.

BAM's full investment strategy overview covering BERS history, governance, asset allocation, and private markets manager selection; discusses real assets parking places and pacing targets for real estate and infrastructure.

ICM packet for April 12 2023 containing Callan's ACERA Real Estate Investment Plan (2023–2024), including portfolio composition, performance attribution, pacing study, and investment recommendations. Callan recommended increasing core real estate commitments of approximately $150 million before end of 2024, plus continued non-core (value-add and opportunistic) commitments. Also reveals prior commitments to Artemis Healthcare Fund II ($25M), CBRE Value Fund 9, and Starwood Fund XII ($40M).

Meketa quarterly performance update covering all asset classes including real estate allocation vs. targets for COPERS as of March 31, 2023.

RVK full due diligence recommendation report for Hammes Partners Income & Growth Healthcare Fund (HIGH), recommending a $30M commitment to the open-end medical office core-plus real estate strategy. Reviews the vertically integrated Hammes platform and healthcare real estate market opportunity.

NEPC's 2023 annual capital markets assumptions presented to PSPRS Investment Committee. Covers 10-year and 30-year return forecasts for 70+ asset classes using building-block methodology. For real estate: Core 8.83% (10yr), Non-Core 4.00%, Private Debt RE 5.8%. Includes full asset allocation review for PSPRS with real estate at 11% target and discussion of real estate/real assets strategic outlook. Data as of 12/31/2022.

CIO Bachher proposes $2B internally managed campus real estate program investing in student/staff/faculty housing near UC campuses.

StepStone real estate Q3 2022 quarterly report embedded in NYCERS March 2023 investment meeting agenda book; shows portfolio profile, new commitments (EQT Exeter Industrial Value Fund VI, EQT Exeter Industrial Core-Plus Fund IV), and performance.

CalPERS Investment Committee agenda staff memo for Item 6c, March 13 2023. Trust Level Review Consultant Report introducing Wilshire and Meketa semi-annual program reviews. Meketa RE Semi-Annual Review (Dec 31 2022) is Attachment 4; Meketa Infrastructure is Attachment 5.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2022 (Item 6c Attachment 4, March 13 2023). Covers portfolio returns, sector and geographic allocation, leverage policy compliance, and market commentary. 12 pages.

Albourne presented inaugural Infrastructure, Natural Resources, and Real Estate quarterly review covering capital budgeting, pacing, market commentary, and performance as of September 30, 2022.

ICM packet for March 8 2023 at which a $10 million investment in Eclipse Fund V (private equity / real estate-adjacent tech fund) was discussed as a potential addition to ACERA's private equity portfolio. Presenters: Lior Susan of Eclipse Fund V and Faraz Shooshani of Verus. The packet also contains the GIC RFP status update, quarterly investment financials showing real estate at $773–830M range, and rebalancing activity summaries.

Board voted to approve up to $600M commitment to CBRE U.S. Core Partners Fund, an open-end core real estate fund focusing on logistics, residential, and growth sectors in the US.

NYC Police Pension Fund March 2023 meeting package including Townsend Group real estate Q3 2022 quarterly report; portfolio targets 7% (+/-2%) to real estate vs NFI-ODCE+100bps benchmark; lists LaSalle Property Fund, Heitman HART, Blackstone, TPG, Carlyle, and other active fund holdings.

GP presentation for TA Realty Associates XIII, a U.S. value-add fund targeting industrial, multifamily, office, and grocery-anchored shopping centers. Minnesota SBI considered a commitment of up to $200M, approved at the March 2, 2023 board meeting.

Board approval page for the March 2, 2023 SBI meeting confirming authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V. Also includes policy decision expanding private markets allocation range.

GP presentation for AG Asia Realty Fund V (Angelo Gordon / TPG Angelo Gordon), a value-add/opportunistic fund investing across property types in Asia. Minnesota SBI considered a commitment of up to $100M, approved March 2, 2023.

Staff and RVK recommendation memo for a $30M commitment to Hammes Partners Income & Growth Healthcare Fund (HIGH), an open-end core-plus medical office fund. Includes analysis of VPIC's core real estate portfolio rebalancing away from office exposure.

Meketa Investment Group due-diligence summary memo on Ventas Life Science and Healthcare Real Estate Fund (VLSHREF), evaluating the core+ open-end vehicle for ERSRI's core real estate allocation. Dated February 22, 2023.

IAC staff recommendation memo for the February 21, 2023 meeting endorsing commitments of up to $200M to TA Realty Associates XIII (U.S. value-add industrial/multifamily/office/grocery-anchored retail) and up to $100M to AG Asia Realty Fund V (Asia opportunistic).

Board action approving up to $15M commitment to High Street Real Estate Fund VII Venture at February 9, 2023 meeting; ORG served as RE consultant.

ICM packet for February 8 2023 containing Verus Advisory's Real Assets Investment Plan for ACERA, presented by John Nicolini of Verus, covering infrastructure and natural resources pacing, capital market assumptions, and 10-year commitment projections. Also includes Verus's updated private equity investment plan and a proposed new manager structure for ACERA's international equity asset class.

Board voted to approve up to $600M commitment to Clarion Lion Properties Fund, an open-end core real estate fund focusing on industrial, multifamily, office, retail, and life sciences in the US.

Investment Committee agenda for Feb 6 2023 recommending commitment to Longpoint Fund III, L.P., a value-add real estate fund managed by Longpoint Realty Partners.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the January 25, 2023 regular meeting, covering capital markets update, pension fund performance, asset allocation, and RE/RA portfolio detail through the reporting period.

NJ Division of Investment staff presentation to the State Investment Council covering Fiscal Year 2022 performance, asset allocation, capital market returns, and program updates including progress on the private markets emerging managers program (real estate second sleeve under development). Presented at the January 25, 2023 annual meeting.

RVK annual non-core real estate pacing study for VPIC recommending $60M/year in commitments over 2023-2027 to reach the 4% non-core real estate target. Reviews existing portfolio including Hammes Fund IV and Angelo Gordon Fund XI.

Staff memo disclosing UC Investments' $4B strategic investment in Blackstone Real Estate Income Trust (BREIT); CIO discusses 11.25% minimum return target.

ICM packet for January 11 2023 containing Callan's semiannual real estate portfolio review for the period ending June 30 2022, presented by Avery Robinson of Callan LLC. Covers ACERA's real estate portfolio returns, market conditions, sector and manager diversification. Also includes Verus private equity and real assets performance reviews for the same period.

Board of Retirement staff report (File 22-491.1) recommending approval of the 2023 Real Estate Pacing Plan; targets up to $100M in RE commitments split between core (including RE debt) and non-core strategies.

Complete asset listing as of March 31, 2023 including all real estate and real assets investments with book and fair values.

March 31, 2024 Quarterly Report ... Performance Analysis ▪ As of March 31, 2024, the investment multiple decreased from 1.54x to 1.53x and the investment IRR decreased from 14.8% to 14.5%, respectively, from the prior period ended December 31, 2023. ▪ During the quarter, the Private Equity portfolio increased in value by $3.7 million, or +0.6%, primarily driven by 1: ▪ GCM Grosvenor Co-Investment Opportunities Fund II, L.P. (+$5.2 million; +3.8%) ▪ Peak Rock Capital Fund II LP (+$2.0 millio

c. Real Property Negotiations Exception: A closed session may be held to advise and provide authority to the Board’s negotiator relating to negotiations concerning the price and terms of payment in real property negotiations; ... sale of particular