Document library

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q3 2024), Private Equity, Private Credit, and Real Assets (Q2 2024). New Q3 2024 real assets commitments: Stonepeak Opportunities Fund ($36M infrastructure); Quantum Energy Partners VIII ($40M energy and power).

NEPC biennial asset/liability review and capital market assumptions embedded in December 2024 SWIB Board meeting. RE assumptions: Core 6.0%, Value-Add 7.5%, Opportunistic 8.4%, Private RE Debt 6.8%. Policy targets maintained at 8% real estate allocation.

RVK education presentation on farmland as an asset class delivered at the December 2024 VPIC meeting. Reviews NCREIF Farmland Index returns, farmland's inflation-hedging characteristics, portfolio role, and lays the groundwork for the US Agriculture US Core Farmland Fund commitment under consideration.

Board approval page for the December 10, 2024 SBI meeting confirming authorization of private markets fund commitments presented by staff and endorsed by the IAC on November 19, 2024.

Callan quarterly real estate portfolio performance report for NHRS for the period ending June 30, 2024, included as informational material at the December 10, 2024 IIC meeting.

FY2024 ACFR (year ended June 30, 2024); investment section covers 10% target real assets allocation ($7.5B), lists all 96 real asset fund investments, Mercer as real assets consultant, manager performance.

Minutes from Nov 5 2024 IFC meeting embedded in APERS Dec 2024 board packet. Features two presentations: (1) Stephens Inc. on private credit — overview of growth since 2012, illiquidity premium, yield range of 9-11%, low default rates, favorable conditions for APERS entry; (2) Callan on infrastructure investments — regulated/contracted utilities, conservative ~8% return targets, correlation benefits, discussion of generational energy transmission opportunities. This meeting set context for eventual infrastructure/credit commitments approved in March 2025.

ICM packet for December 4 2024 containing the ACERA Private Equity Investment Plan 2024 as an action item (NEPC). Includes a comprehensive historical log of ACERA's alternative investments since 2020 covering private equity, real estate, real assets, private credit, and absolute return commitments. Lists real estate-related commitments: Eclipse Fund V ($5M 2023), Davidson Kempner Opportunities Fund VI ($38M 2023), PGIM Real Estate US Debt Fund ($30M 2024), Heitman Value Partners VI ($50M 2024), Starwood Distressed Opportunity Fund XIII ($30M 2024).

NEPC total-fund IPA for period ending Sep 30, 2024; covers NMERB real estate composite performance; no new RE commitments in this quarter.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the October 30, 2024 regular meeting. Includes FY2024 performance review by asset class including real estate (Kevin Higgins) and real assets (Niraj Agarwal), plus Q2 2024 RVK quarterly performance review.

Staff memo and IPC report proposing a $200 million investment in EQT Infrastructure VI, L.P. and up to $200 million in a co-investment sidecar vehicle. The fund series has produced 15.9% net IRR with a loss ratio below 1.5%. Aksia LLC served as real assets consultant. Presented at SIC October 30, 2024 regular meeting.

Board resolution to enter a bridge extension with Aksia CA LLC (formerly TorreyCove/Aksia TorreyCove) for private markets consulting covering real estate, infrastructure, and private equity through April 2025 at $182,500.

FY2025 Annual Investment Plan with real estate section listing ten CY2023 non-core commitments totaling ~$1.025 billion plus Torchlight Debt VIII (RE debt, April 2024); pacing ~$1B/yr; consultant is Townsend Group.

CIO quarterly review for Q2 2024 including RE&I new commitments; references BentallGreenOak Europe IV GP, LP; REID unfunded commitments ~$2.8B.

Staff recommended a $20M commitment to Sculptor Real Estate Fund V, a US-focused sector-diversified non-core real estate strategy; NEPC concurred with top FPL rating.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2024. Includes portfolio performance vs NCREIF ODCE and expanded property benchmarks, market update, investment-level performance, and strategy summaries. Presented at September 17, 2024 Investment Committee meeting.

Board-approved Investment Policy Statement for the Long Term Portfolio (endowment $19.2B), consolidating guidelines on real assets and alternative asset allocation targets, developed with investment consultant Cambridge Associates.

Annual GEP performance review (June 30, 2024): real estate $2.8B – BREIT 59% ($1,653M), Legacy 41% ($1,148M); 10.1% one-year return vs -10% benchmark.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q2 2024), Private Equity, Private Credit, and Real Assets (Q1 2024). No new real assets commitments in Q2 2024.

Meketa Investment Group quarterly infrastructure performance review for CalPERS for the period ended June 30, 2024 (Item 6b Attachment 7, September 16 2024). Covers infrastructure portfolio returns, policy parameters, and market commentary.

Delegated investment report disclosing up to $100M commitment to Sculptor Real Estate V (opportunistic real estate), closed August 23, 2024.

Callan Associates Q1 2024 quarterly peer performance report embedded in September 2024 SWIB Board of Trustees meeting materials. CTF peer rank update as of March 31, 2024.

ICM packet for the September 4 2024 meeting at which the board considered a $50 million investment in Starwood Distressed Opportunity Fund XIII (opportunistic real estate) as part of ACERA's real estate portfolio. Presenters: Mark Deason and Khalif Edwards of Starwood Capital Group, plus Callan. The packet also contains an NEPC total fund performance review for Q2 2024 and an asset allocation implementation plan education session. GP materials exempt from disclosure per CA Gov. Code.

Staff memo presenting new long-term asset allocation targets, introducing a 3% real estate debt allocation and using REITs as proxy for unfunded private RE commitments; details phased implementation across liquidity, growth, and diversifying sub-portfolios.

Board approval page for the August 14, 2024 SBI meeting confirming authorization of up to $100M to Blackstone Real Estate Partners Asia III among other private markets commitments.

ICM packet for August 7 2024 at which the board considered a $30 million investment in Quantum Energy Partners VIII and Quantum Energy Partners VIII Co-Investment Fund as part of ACERA's real assets portfolio (natural resources). Presenters: David Altshuler and Rob Meister of Quantum Capital Group, plus NEPC. GP materials exempt from disclosure. The packet also includes the private credit policy review and emerging markets equity minimum qualifications revision.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the July 24, 2024 regular meeting, covering portfolio performance including real estate and real assets, plus Q1 2024 RVK quarterly performance review.

EVPCFO disclosure of follow-on commitments: up to $20M to Hackman Capital Partners (global studio/media real estate, affiliated with MBS Group) and €2.5M to BLG Capital (opportunistic real estate in Turkey including hospitality, residential, student housing), both committed March 2024.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2023; $5.1B NAV, -3.1% return in 2023, 8.3% net IRR since inception.

Public statutory disclosure listing PERA's Alternatives investment holdings including real assets (infrastructure, agriculture, timberland), real estate debt (Calmwater), and opportunistic funds with vintage year, capital committed/contributed, and IRR as of December 31, 2023.

Verus Advisory 3rd quarter 2024 investment landscape report for TCERA as of June 30 2024, covering real estate portfolio performance.

Staff recommended a $20M commitment to Brookfield Real Estate Secondaries LP, a global diversified real estate secondaries fund; NEPC concurred with top FPL rating.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2024), Private Equity, Private Credit, and Real Assets (Q4 2023). Real Assets returned 1.8%. No new real assets commitments in Q1 2024.

Staff memo recommending two-year extension of Cliffwater alternative assets consulting contract through June 30, 2026 at $500,000/year (increased from $450,000). Cliffwater has served as SCERS' alternative assets consultant since 2011. Includes transparency provisions around Cliffwater's growing asset management business. Cliffwater recently sold a minority equity stake.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2023. Presented at June 11, 2024 Investment Committee meeting alongside the IPI Partners III-A data center fund presentation.

Callan Associates Q4 2023 annual report and quarterly peer performance summary embedded in June 2024 SWIB Board of Trustees meeting materials. StepStone Real Estate also presented RE Strategy Report and Market Outlook to the SPCGC committee.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 3, June 10 2024). Infrastructure outperformed benchmark for all periods. 14 pages.

BAM public investment meeting covering STAR implementation including investment procurement reform, consultant coordination, and new Joint Manager Meeting structure for private real estate and alternatives manager presentations.

Cambridge Associates annual benchmarking report; notes UW underweight to private investments vs peers; real assets and ILBs peer mean ~7% vs UW actual ~4%.

UWINCO annual investment program review; CEF real assets allocation ~4% (~$218M) of $5.4B endowment as of Dec 2023, with target 5% policy weight.

Presentation and consideration of Artemis Real Estate Partners Income & Growth Fund II, L.P., presented by Denise Stake (PIO) and Olivia Wall (SIO). Also presented at same meeting: Real Estate Structural Review. Commitment of $200M announced at July 2024 IAC meeting. Core-plus income/growth strategy across diversified property types.

NEPC total-fund IPA for period ending Dec 31, 2023; covers NMERB private real estate and natural resources allocation performance review.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 24, 2024 regular meeting, covering portfolio performance including real estate and real assets, plus the Q4 2023 RVK quarterly performance review.

Staff recommendation memo recommending $75M commitment to Heitman Value Partners Fund VI. Only value-add fund seeking investment in 2024. Discusses pacing projections, fee discount incentives (total 47% discount to 80bps on invested capital), and PERS' prior Heitman relationship (Funds III-V).

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.

Callan quarterly real estate portfolio performance report for NHRS for the period ending December 31, 2023, included as informational material at the April 9, 2024 IIC meeting.

Verus Advisory quarterly investment performance review for TCERA as of March 31 2024, including real estate and real assets portfolio data.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q4 2023), Private Equity, Private Credit, and Real Assets (Q3 2023). Real Assets returned 1.0%. New Q4 2023 commitment: KKR Asia Pacific Infrastructure Fund II ($50M real assets infrastructure).