Document library

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.

Marquette Associates flash for October 2025; real estate composite at $88M (~4.8% vs 5% target); American Realty Advisors in Termination status; UBS $17.5M outstanding in redemption queue.

NYSTRS Board approved renewal of StepStone Group Real Estate LP (primary RE consultant, $467,550/yr commencing Feb 1, 2026) and Meketa Investment Group (secondary RE consultant) for one-year terms.

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 staff presentation and board resolution committing up to $90M to Graceada Partners Fund IV-QP LP. Graceada is a vertically integrated owner-operator focused on value-add multifamily and small-bay industrial assets in secondary and tertiary markets across the Western United States. Target 12-15% net IRR, 1.5-1.7x MoC. Board approved October 23, 2025.

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.

Staff memo and IPC report proposing a $100 million investment in Hillwood US Industrial Club VII, LP, targeting 14-16% net returns. The fund builds a diversified portfolio of institutional-quality US industrial real estate through acquisitions and ground-up development with equity checks of $5-35 million per investment. $1.25 billion target fund size. Hamilton Lane served as RE consultant. Presented at SIC October 29, 2025 regular meeting.

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.

Official board approvals document (published October 22, 2025) confirming authorization to commit up to $200M to TA Realty Value-Add Fund XIV, L.P. and up to $250M to Energy Capital Partners VI among other private markets funds.

GP presentation for TA Realty Value-Add Fund XIV, targeting $2B to acquire industrial and multifamily assets with smaller allocations to data centers, retail, and office in U.S. markets. 45% loan-to-value target. Minnesota SBI committed up to $200M, approved October 21, 2025.

Board approval page for the October 21, 2025 SBI meeting confirming authorization for TA Realty Value-Add Fund XIV ($200M) and Energy Capital Partners VI ($250M) among eight PE, one private credit, one real estate, and one real assets fund.

PSERS Investment Committee pre-deliberation meeting October 16, 2025 covering Real Estate: Graceada Fund IV, L.P. and Private Equity: Oak HC/FT Partners VI. Formal action at October 23, 2025 full meeting.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2025. Presented at September 30, 2025 Investment Committee meeting alongside the Blue Owl Real Estate Fund VII LP presentation.

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.

TMRS Completed Investments Report as of Q3 2025, showing real assets year-to-date commitments including BlackChamber RE Opportunity Fund II ($100M), NorthPoint Industrial Fund VII ($150M), ERA Infra Fund II ($100M), and ERA Blade Continuation Fund ($130M).

Third quarter 2025 performance review by Callan including private real estate returns and manager-level attribution; portfolio $60.2B.

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.

Staff commitment notice for $10 million commitment to Graceada Partners Fund IV (private real estate). Graceada Partners is a California-based real estate manager. Committed August 2025, approved at the August 26 2025 Board meeting. Capital called from NT STIF Fund. Reported in the September 23 2025 board book which includes the August 26 2025 meeting minutes.

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.

Aon Q2 2025 quarterly performance review: real estate primary detractor from relative performance; NCREIF ODCE 1.5% QTD; TRS real estate allocation 3.9% vs 5.0% interim policy target.

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.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2024; $5.1B NAV, -0.5% return in 2024, 8.1% net IRR since inception, $395M committed across six 2024 investments.

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.

FY2026 Annual Investment Plan with real estate section documenting seven CY2024 non-core commitments totaling $1.265 billion; consultant is Townsend Group.

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.

Statutory report listing ISBI's Illinois real estate investments by property address; $89M in direct Illinois RE property exposure and $95.6M managed by Illinois-based RE managers as of March 31 2025

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.

RCLCO Fund Advisors Q1 2025 semi-annual real estate strategy presentation for CalSTRS Investment Committee covering performance through March 31, 2025.

ERS staff FY2026 private real estate capital plan (Aug 2025) outlining commitment schedule Sep 2025–Aug 2026; portfolio stats as of Dec 2024: $6.7B committed, 9.5% IRR, Aksia as consultant.

Verus quarterly Investment Landscape report including a dedicated 'State of the Core Real Estate Fund Universe' section examining redemption queues, mixed fundamentals, and CCCERA's private RE and Rialto Credit debt portfolio performance.

Meketa Investment Group quarterly total fund performance report for period ending June 30, 2025, covering ERS's $24.4B portfolio including real assets sub-allocation tracking.

Board of Retirement informational staff report (File 25-271.1) reporting $75M intended commitment to Kayne Anderson RE Partners VII (medical office, student housing, senior housing, light industrial) against $145M 2025 pacing plan; notes intent to propose European RE debt fund later in 2025.

ICM packet for August 6 2025 containing the final amended ACERA Real Estate Investment Policy (prepared by Staff and Callan) as an action item. The policy update was approved at this meeting, with Callan and ACERA reviewing proposed changes to portfolio composition limits and delegated authority. The packet also contains a report on Great Hill Equity Partners IX ($50M PE, delegated) and a report on Khosla Ventures IX ($35M VC, delegated). Staff memo details policy compliance requirements including 8.2% target allocation and 85–100% equity real estate range.

Callan review of TA Realty Value-Add Fund XIV LP, fourteenth in TA Realty's value-add series. Targets $2B commitments, 10-12% net IRR / 14.5-16.5% gross IRR. Strategy: multifamily (30-40%), industrial (30-40%), data centers (0-10%), retail (0-5%), office (0-5%). East/West coast and South focus. Dated August 4, 2025.