Document library

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.

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.

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.

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.

IAC pacing review for NCRS real estate program: allocation (6.56% of plan as of 5/12/2025), core/non-core performance, strategic and tactical focus on niche sectors, property type diversification, StepStone monitoring data.

NEPC Q4 2024 private real assets performance report presented at the May 27 2025 StanCERA Board meeting. Covers performance for the full-year 2024 for real estate and real assets. Includes Morgan Stanley Prime Property Fund, PGIM US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, TA Realty Value Fund XIII, and Brookfield BSREP V. Bundled in May 27 2025 board book.

Verus total fund investment performance review for SCERS for Q1 2025. Covers all asset classes including real estate and real assets. Full performance attribution and asset allocation analysis.

ERS staff annual program review covering public REIT portfolio ($899M), private real estate (9% target, NCREIF-ODCE benchmark, +334 bps 5-year value add), and infrastructure to Joint Board-IAC.

Monthly investment flash report presented at May 15, 2025 board meeting; first appearance of Clarion Lion Properties Fund in the core real estate composite alongside American Realty and Barings, reflecting new commitment approved in closed session.

Quarterly portfolio allocation report showing real estate composite ($201.1M, 9.1%): core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); Clarion not yet in portfolio; presented at May 15, 2025 board meeting.

Two real estate fund presentations: (1) Sterling United Properties I CF, L.P. – a value-add diversified fund recommended at $150M; (2) TA Realty Core Property Fund, L.P. – a core-plus diversified fund recommended at $200M. Includes 2025 pacing plan showing $500M committed YTD against $1.35B annual target.

Detailed fund presentation for Sterling United Properties I CF, L.P., presented by Denise Stake and Philip Conner. Commitment recommended at $150M. Value-add strategy. Confirmed committed at $150M at July 2025 IAC meeting.

Detailed fund presentation for TA Realty Core Property Fund, L.P., presented by Denise Stake and Philip Conner. Open-end core-plus diversified US property fund. Recommended commitment $200M (reduced to $200M from $300M recommendation; remaining $100M committed at September 2025 meeting). Existing manager in CRPTF RE portfolio.

Albourne and Cambridge Associates presented quarterly asset class reviews covering Real Assets (including real estate) as of March 31, 2025 at May 8, 2025 board meeting.

NEPC quarterly investment performance report covering BCFPERS real estate composite and private real assets allocation; includes detailed manager-level attribution.

NEPC's 2025 capital markets assumptions presented to PSPRS Investment Committee (April 2025, Rose Dean CFA, Partner). Data as of 12/31/2024. Ten-year real estate return forecasts: Core 5.9% (+0.5% vs prior), Value-Add 7.1% (+0.5%), Opportunistic 8.1% (+0.5%), Private Debt RE 6.5% (+0.2%). Thirty-year: Core 6.5%, Value-Add 7.8%, Opportunistic 8.7%. Includes PSPRS asset allocation scenarios with recommended target ranges for real estate and real assets within the Global Private Equity allocation.

Northern Trust private markets performance report as of September 30 2024, presented at the April 22 2025 Board meeting. Produced at direction of StanCERA staff, covers individual fund monitoring for the real estate program: Morgan Stanley Prime Property Fund, PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, TA Realty Value Fund XIII. Notes PGIM and American Realty Advisor performance data being updated. Bundled in April 22 2025 board book.

PERSI CIO memo (dated April 16, 2025) introducing the 2025 annual real estate review. Covers four presentations: Callan 2025 Annual RE Review (AEW, PRISA, Adelante), AEW Annual Board Review, Callan Idaho CMP Review, and DBF Idaho Mortgage Program Review. Callan notes AEW 'remains a stable organization', is 'well-positioned', and 'exceeding the objectives of the program'.

Staff memo (April 8, 2025) documenting executed real estate contract actions: Blue Vista Real Estate Partners IV fee-reduction amendment, Blackstone Property Partners MFN election, and Long Wharf Real Estate Partners VII LP amendments.

PRIM's April 2025 RFP for private real estate appraisal services, covering PRIM's approximately $10B core private real estate portfolio; led to selection of Altus Group.

Audited IFRS financial statements for BCI's Realpool Global Mexico pooled fund, a Latin America-focused real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's Realpool Global pooled fund, a globally diversified real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension A pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Realty pooled fund, the primary Canadian real estate equity vehicle, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Multi-Asset Realty pooled fund covering globally diversified real estate equity for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension C pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.