Document library

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.

ACRE FY2025 annual report covering UW's commercial real estate portfolio; key topics include Fairmont Olympic Hotel lease extension, Metropolitan Tract strategy, 5th Avenue Theater lease assignment, and UW Tacoma housing development.

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.

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.

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.

Q2 2025 board quarterly update recording PRIM Board approval of Altus Group for private real estate appraisal and International Woodland Company (IWC) plus eight project advisors including Meketa for RE/timberland consulting.

Adelante Capital Management monthly REIT manager report for June 2025. Portfolio performance: trailing 1-year +8.47%. Best holding: CBRE Group +12.0%, worst: Alexandria Real Estate Equities -19.4%. Commentary notes publicly traded RE companies delivered investor presentations at NAREIT conference. Portfolio $646M (Adelante) plus MCM REIT Index Fund.

FEG Q1 FY2025 investment update; real estate +3.9% relative contribution for the year with 6% allocation in $1.18B LTIP.

TRS IMD annual real estate portfolio review: 2024 activity ($500M to funds, $1.99B to PIs), $2.6B capital plan, spotlight on retail investor impact on CRE; RE performance -2.6% TWR vs benchmark; 287 active investments, $29.6B NAV.

Albourne Partners real estate portfolio analytics included within July 2025 IAC board book. Covers CRPTF RE portfolio performance, manager-level analytics, sector/geographic exposure, vintage year distribution, and benchmark comparison vs. NCREIF NFI-ODCE. Detailed fund-level performance tables for all active RE managers.

ICM packet for July 2 2025 containing Callan's ACERA Real Estate Investment Plan (2025–2026) with updated pacing study, portfolio composition, and investment recommendations. As of year-end 2024 the real estate exposure was 6.9% (8.2% including unfunded commitments). Callan recommended new core commitments plus continued non-core activity. Prior commitments listed: PGIM US Real Estate Debt Fund ($50M core, 2024), Heitman Value Partners VI ($50M, 2021), Starwood Distressed Opportunities Fund XIII ($50M value-add, 2022). Also includes the Real Estate Policy review.

Second quarter 2025 performance review by Callan; Private Real Assets +1.27% vs 0.86% benchmark; portfolio $58.3B.

CalSTRS staff semi-annual activity report for real estate as of June 30, 2025, listing $2.35B in new commitments including Greystar Credit Opportunities Fund II, Harrison Street European Property Partners IV, Fairfield US Multifamily Value-Add IV, Artemis Healthcare Fund III, Starwood Credit Real Estate Income Trust, and IPI Partners III.

UTIMCO Real Return team presents 2024 results; private real estate +1.5% IRR (1st/2nd quartile), private infrastructure +9.9% IRR; real estate valuations declined 18% from 2022 peak but stabilized; discusses midstream, power, and data center infrastructure tailwinds; FY2026 SAA increases Real Return target by +1%.

Staff memo recommending a two-year extension of Townsend Group's real estate consulting agreement through June 30, 2027 at $275,000/year. Townsend has served as SCERS' dedicated real estate consultant since August 2012. Townsend was acquired by The Riverside Company in 2024. Staff recommends extension with RFP to follow.

Townsend Group's full real estate portfolio performance measurement report for Q1 2025 embedded within Item 16. Covers all 9 core and 17+ non-core SCERS real estate fund positions with vintage year, commitment amount, funded/unfunded amounts, capital returned, market value. New Q1 2025 commitments: FPA Core Plus Fund VI ($50M) and FPA Apartment Opportunity Fund IX ($30M). Total real estate portfolio market value ~$920M (6.7% of plan at $13.8B total plan assets).

StepStone real estate Q4 2024 quarterly report; new Q4 2024 commitment: AEW Partners Real Estate Fund X ($75M, Non-Core); Q1 2025 subsequent: Brookfield Strategic Real Estate Partners V-B ($115M, Non-Core, US).

CalPERS Investment Committee agenda staff memo for Item 6e1, June 16 2025. Covers the Real Estate Annual Program Review (separate from Infrastructure in 2025). Introduces open-session presentation (Att 1) and Meketa RE Update (Att 2). Presented by Sarah Corr, Daniel Booth, Stephen Gilmore.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2025 (Item 6e1 Attachment 2, June 16 2025). Portfolio outperformed benchmark for 1-year (9.7%) and all periods. 16 pages.

CalPERS staff presentation for the Real Estate Annual Program Review as of March 31, 2025 (Item 6e1 Attachment 1, June 16 2025 meeting). 11-page deck covering RE program overview, market environment, performance and risk analyses, and key initiatives.

Staff recommendation to execute fund documents for a $250M commitment to Hines U.S. Property Partners Fund after completion of operational due diligence and legal review.

STRS Ohio annual investment plan for fiscal year 2026 (July 2025-June 2026), adopted June 12, 2025; RE allocation target reduced to 8% neutral; plans 3-6 new fund commitments for international and opportunistic portfolios.

Callan LLC quarterly real assets report for period ending March 31 2025, embedded in APERS June 2025 board packet. Core RE composite returns and peer rankings for Carlyle Property Investors, Clarion Lion Industrial Trust, Invesco Real Estate (still underperforming; Kim Hourihan named Head of Global Strategy Aug 2025), Heitman Real Estate Trust LP, Principal Enhanced Property Fund. Non-core RE: Harrison Street Fund VIII (-2.41%), IX (11.87%), Heitman Value Partners IV (1.47%), LaSalle VI (-2.00%), VII (0.17%), TA Realty XII (1.04%), XIII (0.78%). Notes Clarion Partners hiring Josh Pristaw as President.

STRS Ohio investment committee agenda package for June 2025 meeting including Meketa Q1 2025 performance review (RE -2.38% 1-yr, 8.3% allocation vs 10% policy), Callan review, and adoption of Fiscal 2026 Investment Plan.

ICM packet for June 4 2025 containing Callan's semiannual real estate portfolio performance review for the period ending December 31 2024. The RE report details ACERA's $815M real estate portfolio at 8.2% target. The packet also includes NEPC semiannual reviews of private equity, private credit, real assets, and absolute return, all for the period ending December 31 2024. Reveals unfunded commitments to PGIM US Real Estate Debt Fund, Heitman Value Partners VI, and Starwood Distressed Opportunity Fund XIII.

DERP 2024 ACFR with NEPC investment consultant data; real estate 10% target with sub-allocations: 4% core, 4% non-core, 2% debt. Real estate returned -6.3% in 2024 vs NCREIF -1.2%. Total plan returned 7.9%.

Public statutory disclosure of PERA's real estate fund holdings listing all joint ventures, open-end and closed-end funds with ownership percentage, property type, NAV, and GP/advisor name as of year-end 2024.

Staff memo covering real estate manager annual review meetings with INVESCO Core (May 1, 2025) and Stockbridge (May 1, 2025); packet also includes Verus Q1 2025 performance report and agenda item for RCG Ventures Fund VIII closed-session commitment.