Fund Universe Library

Real Estate Fund 3,893,49 ... ,628 6.17% ... Real Estate Real Estate can consist of several different investment strategies and investment vehicles, including externally managed commingled ... funds, separate accounts, publicly traded real estate investment trusts (REIT), limited liability companies, limited partnerships, direct ... investments, co-investments, and master limited partnerships (MLPs). Real Estate investments include those that have underlying ... investment in real estate and are

The value of the City of San Jose Police & Fire Department Retirement Plan’s assets on June 30, 2025 was $5.5 billion, compared to $5.3 billion at the end of the prior quarter. The Plan had net cash inflows of $201.1 million and investment gains of $47.8 million during the quarter. ... → The Retirement Plan’s net of fees performance for the quarter was +6.0%, compared to the Policy Benchmark and ... the Investable Benchmark Portfolios, which posted +6.2% and +6.5% returns, respectively. The peer

 The NCREIF Open End Diversified Core (“ODCE”) and NCREIF Property Index (“NPI”) reported Q4 2025 gross returns of 0.9% and 1.2%, respectively. 1,2  NPI Transaction volumes during Q4 2025 were meaningfully up quarter-over quarter with a total of 275 property transactions (51% increase), driven by the industrial sector with a total of 150 transaction, up over 108%. The Office sector was the second most active with a total of 51 transactions, which represents a 46% increase from Q3 deal volume.

Legacy Private Equity 2005 261.2 30.2 335.5 502.9 38.1 1.61 9.4 8.0 NB Fund of One 2017 656.0 223.0 376.9 81.5 557.6 1.70 16.7 11.8 Private Debt 2010 890.0 232.0 794.9 747.7 234.9 1.24 7.0 6.2 Real Estate 2012 474.3 121.4 393.8 243.8 264.4 1.29 9.2 6.8 Real Assets 2016 301.2 105.6 209.5 108.9 179.9 1.38 12.9 6.3 Venture Capital 2020 227.2 104.0 123.6 1.3 146.8 1.20 8.9 13.3 Total 2,809.9 816.2 2,234.2 1,686.2 1,421.8 1.39 9.7 NA ... As of September 30, 2025, the Plan had committed $301.2 million

11 Real Estate ... 7,500,000 568,910 ... 10,902,647 16,093,094 ... 921,276 ... 14.4% CBRE Strategic Partners US Value 5, L.P. 2008 Real Estate 10,000,000 - 10,000,000 14,156,289 - 16.2% Citymark Capital U.S. Apartment Fund II L.P. 2019 Real Estate 15,000,000 2,127,971 17,495,052 19,772,140 945,823 12.2% Citymark Capital U.S. Apartment Fund III L.P. 2021 Real Estate 35,000,000 10,321,072 25,649,180 763,600 21,802,645 (8.6%) Grandview I-C, LP 2020 Real Estate 10,000,000 612,788 9,554,171 10,342,08

The System over ... the investment assumption during the Fiscal ... 025, causing an actuarial gain ... asset side of the ... . The actual return on a market value basis was 1 ... 1%. On an actuarial value basis, the assets returned ... .75%. The actuarial gain recognized for funding purposes was $15 million. ... In the projections that follow, we show the risk to the System under volatile markets. The System has averaged an ... .55% return per ... 1980 ... In the following charts, we show result

c) Annually provide a comprehensive investment strategy update and analysis of the PRIM real estate portfolio. These reports shall include a review of all aspects of PRIM’s investment goals and objectives for real estate and the alternatives available for real estate investment, and the results of the current strategy. This comprehensive analysis shall be presented as the Advisor’s recommendations concerning the appropriate strategy to be adopted and implemented by the PRIM Board. ... d) Advise

20.0 ... 3 7.7 ... 7.7 Apr-2 ... Crow Realty IX 4.9 11.8 0.6 ... 8.1 ... 4.1 ... 8.1 ... 0.1 0.4 3.4 5.0 1.6 5.0 9.8 7.1 ... 10.6 Oct-15 Elion II ... 0.2 0.5 ... -- -- -- -- -- Jul-24 Exeter V 6.0 14.4 3.0 1.4 3.7 1.4 21.3 -- -- 27.2 Jan-21 GEM Realty VII 1.5 3.6 18.5 (43.5) 0.6 (43.5) -- -- -- (56.6) Oct-22 GEM V 1.8 4.4 (5.6) (15.2) (11.1) (15.2) (14.4) (11.9) 0.2 (1.6) Jan-14 GEM VI ... 1.6 3.8 ... 2.3 ... 2.2 ... 3 6.7 ... 10.9 Jan ... 1.0 2 ... 3 0 ... 5.8 ... 5.8 ... Jul-23 IPI Partners II

4TH QUARTER 2025 Investment Landscape ... Verus addresses the state of the core real estate fund universe. Discussion includes the mixed fundamental conditions facing the asset class and the heavy redemption queues that continue to challenge certain funds and frustrate investors who are seeking liquidity. ... We explore the dichotomy in LDI adoption between sponsor types. We discuss the characteristics of pension plans that make LDI strategies beneficial. We assess the current environment, to il

RE Portfolio generated net value decline in Q4 in line with broader market • Quarterly decline of $16.2M during Q4; however, performance is still positive in the 3-year, 5-year, 10-year and since inception time horizons • Since inception IRR declined 48 bps from the prior quarter • The Portfolio outperformed its designated benchmark, NFI-ODCE, by 88 bps on a since inception basis • Generated negative performance for the one-year period with an IRR of (7.13%) ... • Net value decline of $16.2M dur

Lamar Taylor, Chief Investment Officer, reviewed the performance of major mandates. Both the CAT Fund and Florida PRIME outperformed the benchmark over the 1-year period by 25bps and 42bps ... benchmark over the quarter and outperformed over the 1-year period by 55bps. Real Estate ... outperformed the benchmark over the 1-year period by almost 200bps despite a -6.2% absolute return. ... Lynne Gray, Senior Investment Officer – Real Estate, provided an update on the market. She ... explained that

Real Assets 4,682,343,453 19.5 19.0 0.5 9.0 - 29.0 ... 12.3 ... .2 Global Equity ... .9 Global ... .4 9. ... .5 9. ... .0 8. ... Global Credit Historical Benchmark 1.5 9. ... Real Assets Historical ... Diversifying Strategies 1.3 0.3 3.2 1.6 3.6 Divers ... Strategies Historical Benchmark 1.4 2.8 3.3 2.8 3.7 Liquid Defensive/Diversifying 1.2 -1.0 2. ... 1.4 3.4 Liquid Defensive Historical Benchmark 1.5 1.3 0.4 0.7 2.6 Illiquid Diversifying 1.7 9.0 5.8 -- --Illiquid Diversifying Historical Benchma

1’ Real Assets Markets Performance and Overview TOWNSEND GROUP an Mn company ... Performance Summary Quarter (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%) TGRS TNET TGRS TNET TGRS TNET TGRS TNT TGRS TNET NFI-OD ... Value Weight 7.4 7.1 28.5 27.3 11.3 10.3 9.9 8.9 10.9 9.9 ... 1 Total Real Asset Portfolio Funding Status and Composition TOWNSEND GROUP an Aon company ... Number of Active GP Relationships 24 Total Commitments 3,676.4 Unfunded Commitments 855.5 Total Paid-In Capital 3,762.4 Total

Asset Allocation (Preliminary) – March ... 2026 ... Assets (Millions) Value % of Fund Policy % MainePERS Portfolio $21,820 100.0% 100.0% Public Equity $6,050 27.7% 27.5% Public Fixed Income $3,871 17.7% 17.5% Alternative Credit $1,737 8.0% 15.0% Private Equity $3,368 15.4% 10.0% Real Assets $5,224 23.9% 22.5% Risk Diversifier $1,486 6.8% 7.5% Cash $83 0.4% 0.0% ... • MainePERS is a founding LP of the strategy • Fund seeks to acquire and hold well-leased U.S. real estate in secondary markets, gen

Fund $1 ... $204.2 1.38 ... 8.50% 2 ... 21 Walton Street Real ... 7.6 $19.2 $ ... 95% 2 ... 0 $1 ... 2.8 $0.4 $1 ... 2.7 ... 0.0 $1 ... 6.0 $5.9 $146 ... 8 0.98 ... -0.91% 2022 Harrison Street Real Estate Partners IX $1 ... 0.0 $164.3 $52.3 $137.7 1.16x 9.95% 2022 Abacus Multi-Family Partners VI LP $1 ... 0.0 $112.9 $2.0 $95.9 0.87x -9.18% 2022 AEW Essential Housing Fund, L ... P. $2 ... 0.0 $226.5 $22.3 $214.6 1.05x 1.90% 2022 Lincoln CIP Industrial Value ... 7.0 $107.8 $0.4 $200.8 1.87x N/M 2

Real Estate Portfolio – December 31, 2022 ... Performance numbers in this presentation are based on quarterly data collected from CTPF investment managers and calculated by Callan beginning in the fourth quarter of 2015 and in prior periods by the previous consultant. Manager ... Total Private Real Estate $1,638,053 $1,783,121 $109,811 $1,908,776 $1,385,786 100% 11.8% 1.07x 0.76x 1.83x ... Total Real Estate Portfolio $1,638,053 $3,560,346 $109,811 $4,144,623 $1,385,786 14.8% 1.16x 0.38x 1.55x ..

In addition to continuing work on liquidating legacy private assets, DPFP began working with a private markets consultant to develop the construction, benchmarks, pacing and recommendations for the private credit portfolio. See additional discussion under Investment Program and Illiquid Real Estate and Private Asset Portfolio in this letter. ... The investment program continued to see significant changes in 2024, reducing private asset exposure and increasing public markets exposure during the y

Asset Class Performance Summary (Net) ... _ DPFP 1,712,108,441 100.0 -7.7 -11.3 -11.4 0.3 1.3 1.5 5.1 Jun-96 Policy Index -10.5 -13.4 -10.5 4.2 4.7 7.1 -- Jun-96 Allocation Index -8.6 -10.6 -5.8 5.2 5.5 8.0 7.0 Jun-96 Total Fund Ex Private Markets -11.2 -16.7 -14.3 2.8 4.0 5.5 5.2 Jun-96 60% MSCI ACWI IMI Net/40% Bloomberg Global Aggregate Index -12.8 -17.8 -15.9 2.5 4.0 5.4 5.6 Jun-96 XXXXX ... Asset Class Performance Summary (Net) Market Value ($) ... Real Estate 207,149,883 12.1 2.0 4.7 2.0 0

Asset Class Performance Summary (Net) Market Value ($) ... 100 ... 4 7 ... 9 5.2 4.5 2.6 ... Asset Allocation & Performance | As of December 31, 2024 ... Market Value ($) ... Since Inception Inception Date Real Estate 152,819,347 7.7 1.8 2.0 7.9 4.1 -1.1 3.7 Mar-85 ... NCREIF Property (1Qtr Lagged) 0.8 -3.5 0.9 3.3 5.9 7.4 ... Natural Resources 89,104,775 4.5 -1.5 -9.3 -8.2 -3.9 -1.4 0.9 Jan-11 ... NCREIF Farmland (Q Lag) -0.2 2.6 6.2 5.6 6.7 9.4 ... Infrastructure 13,952,408 0.7 -2.

Fund Evaluation Report ... Dallas Police & Fire Pension System ... Executive Summary As of March 31, 2024 ... | Category | Results | Notes | | --- | --- | --- | | Total Fund Performance Return | Positive | 10.1% | | Performance vs. Policy Index | Underperformed | 10.1% vs. 15.7% | | 1 Performance vs. Peers | Outperformed | 10.1% vs. 7.8% median (43rd percentile) | | Asset Allocation vs. Targets | Negative | Underweight global equity and overweight real estate hurt | | Public Active M

| Category | Results | Notes | | --- | --- | --- | | Total Fund Performance Return | Positive | 11.3% | | Performance vs. Policy Index | Underperformed | 11.3% vs. 12.2% | | 1 Performance vs. Peers | Outperformed | 11.3% vs. 9.9% median (14th percentile) | | Asset Allocation vs. Targets | Detractive | Overweight to Real Estate and Natural Resources detracted | | Public Active Management | Outperformed | 6 of 11 active public managers beat benchmarks | | DPFP Public Markets vs. 60/40 | 2 Outperfo

| Public Equity ... | --- | --- ... | Public Credit ... | Private Credit ... | Real Estate | | | ... | Natural Resources | | | ... | Cash Equivalents | | | ... Asset Class Performance Summary (Net) Market Value ($) ... DPFP 2,0 ... ,093,027 100.0 6.7 6.7 10.1 11.9 6.2 3.9 5.8 Jun- ... Custom Benchmark 1.2 2.8 9.0 7 ... 6. ... 6.5 ... Real Estate 149,048,458 7.1 -1.0 -1.2 0.8 5.8 3.4 1.0 3.6 Mar-85 ... NCREIF Property (1Qtr Lagged) 1.3 2.2 2.7 -2.1 3.2 5.4 7.4 ... 3. ... -9.3 -11.6 -1 ... .

Asset Class Performance Summary (Net) Market Value ($) ... DPFP 1,982,694,735 100.0 0.1 3.7 6.6 6.0 3.3 5.6 Jun-96 ... Policy Index -0.4 6.4 5. ... 10.0 7.2 -- ... Allocation Index -0 ... 4 5.8 4.4 8.4 6. ... 7.1 ... Custom Benchmark 1.6 10.3 6.5 6.6 6.7 6.6 ... Real Estate 152,964,944 7.7 -0.2 2.8 6.8 3.6 1.4 3.7 Mar-85 ... NCREIF Property (1Qtr Lagged) 0.9 0.4 -0.8 3.1 5.7 7.4 ... ,12 ... ,83 ... 4.4 -2. ... -8.3 -9.6 -5.1 -2.3 0.8 Jan-11 ... Lag) -1 ... 0.7 1.0 ... Dallas Police & ... Dallas

HARTFORD, Connecticut – On Wednesday, Connecticut State Treasurer Erick Russell announced that the state’s pension funds have outperformed investment benchmarks over the past fiscal year. The update, given during the September meeting of the Investment Advisory Council (IAC), shows the Teachers' Retirement Fund ("TERF") and the State Employees' Retirement Fund ("SERF") generated net investment results of 8.35% and 9.02% respectively for Fiscal Year 2023. Across the full portfolio of Connecticut

I am pleased to report that the Short-Term Investment Fund (STIF or the Fund) outperformed similar funds for both the quarter and the 12-month period ending December 31, 2024. For the quarter, STIF returned an average annualized yield of 4.83%, outperforming the iMoneyNet benchmark* by 0.21% and generating an additional $9.3 million in interest earnings for Connecticut state and local governments. For the calendar year, STIF yielded 5.39%, exceeding its benchmark by 0.25% and generating an addit

Real Estate Fund 3,893,496,628 6.17% ... As of June 30, 2025, multiple asset classes were integrated in ... IPS, including global public ... equities and fixed income ... as real estate ... Income, Private Equity ... Real Estate Real Estate can consist of several different investment strategies and investment vehicles, including externally managed commingled ... funds, separate accounts, publicly traded real estate investment trusts (REIT), limited liability companies, limited partnerships, dire

Core Fixed Income ... 12 ... 10 Infrastructure & Natural Resources 4 7 ... Office Of The State Treasurer Executive Summary Pension Funds Management ▪ Pacing plans are developed to support the achievement of the long-term strategic allocation targets for the CRPTF’s Infrastructure/Natural Resources (“INR”), Real Estate (“RE”), Private Credit (“PC”), and Private Equity (“PE”) portfolios. ... value of $ ... ▪ Annual net ... rate assumptions are intended to capture ... estimated net impact of contri

Core Fixed Income ... 12 ... 10 Infrastructure & Natural Resources 4 7 ... Office Of The State Treasurer Executive Summary Pension Funds Management ▪ Pacing plans are developed to support the achievement of the long-term strategic allocation targets for the CRPTF’s Infrastructure/Natural Resources (“INR”), Real Estate (“RE”), Private Credit (“PC”), and Private Equity (“PE”) portfolios. ... value of $ ... total value of 4. ... %, 6. ... %, 7.5 ... ▪ Annual net growth rate assumptions are intended

of Real Estate Opportunity ... Presentation and Consideration of Stockbridge Smart Markets Fund ... L.P. ... Amit Aggarwal, Principal Investment Officer, will present Stockbridge Smart Markets Fund, L.P., a Real Estate Fund opportunity. ... 3 ... Private Asset Classes Pacing Plan Overviews Mark ... , Principal Investment Officer and ... , Investment Officer provided an ... overview of the recommended pacing plans for the Private Equity, Private Credit, Real Estate ... Infrastructure/Natural Reso

Board of Administration City of San Jose Police and Fire Department Retirement Plan 1737 North First Street San Jose, CA 95112 RE: Real Estate Performance – 2 nd Quarter 2015 Dear Board of Administration Members: We are pleased to present the June 30, 2015 Real Estate Performance Summary for the City of San Jose Police and Fire Department Retirement Plan (the “Plan”). The report provides a variety of performance analysis for the overall portfolio, as well as trailing performance and performance

We are pleased to present the June 30, 2014 Real Estate Performance Summary for the City of San Jose Police and Fire Department Retirement Plan (the “Plan”). The report provides a variety of performance analysis for the overall portfolio, as well as trailing performance and performance by lifecycle, vintage year and strategy. ... The Plan’s real estate portfolio experienced a positive quarter, producing a nominal IRR of 2.73% for the quarter and 12.41% for the past year. The annualized IRR of th

Second Quarter 2023 ... Legacy Private Equity 2005 261.2 34.1 334.0 469.9 79.5 1.64 9.8 7.9 NB Fund of One 2017 388.9 119.5 228.0 44.2 360.2 1.77 23.0 6.2 Private Debt 2010 715.0 155.6 657.4 578.7 209.6 1.20 6.3 5.5 Real Estate 2012 392.2 117.2 305.7 204.1 211.8 1.36 12.6 0.1 Real Assets 2016 183.2 79.4 111.6 34.6 117.1 1.36 13.3 7.1 Venture Capital 2020 117.7 69.8 48.0 0.4 48.2 1.01 1.0 3.3 Total 2,058.2 575.6 1,684.8 1,332.0 1,026.3 1.40 10.1 NA ... | --- | --- | --- | --- | --- | --- | .

San Jose Federated City Employees’ Retirement ... First Quarter 2024 ... Legacy Private Equity 2005 174.3 22.7 162.6 225.3 29.2 1.57 7.9 7.1 NB Fund of One 2017 375.4 80.3 228.0 54.0 369.5 1.86 19.9 10.8 Private Debt 2010 319.1 47.6 338.2 276.3 138.5 1.23 6.3 6.0 Real Estate 2007 279.6 46.7 264.3 215.7 117.7 1.26 6.3 3.0 Real Assets 2016 122.3 49.9 80.2 29.0 73.2 1.28 9.5 7.6 Venture Capital 2021 68.3 44.3 24.1 1.0 21.3 0.93 -4.7 5.6 Total 1,339.0 291.5 1,097.4 801.3 749.5 1.41 8.7 NA ... | As o

Legacy Private Equity 2005 261.2 30.7 334.9 478.9 69.0 1.64 9.6 8.0 NB Fund of One 2017 469.2 155.8 266.2 55.4 410.2 1.75 20.2 10.4 Private Debt 2010 757.0 150.0 714.2 616.8 250.9 1.21 6.7 5.9 Real Estate 2012 392.1 93.6 331.7 216.0 216.3 1.30 10.5 1.4 Real Assets 2016 217.2 90.6 137.6 50.9 127.9 1.30 11.0 7.6 Venture Capital 2020 162.7 83.3 79.5 0.5 84.4 1.07 5.0 12.1 Total 2,259.4 604.0 1,864.2 1,418.6 1,158.7 1.38 9.8 NA ... Overview | As ... As of March 31, 2024, the Plan had committed $217.

The value of the City of San Jose Police & Fire Department Retirement Plan’s assets on September 30, 2025 ... was $5.9 billion, compared to $5.5 billion at the end of the prior quarter. The Plan had net cash inflows of ... $134.8 million and investment gains of $232.4 million during the quarter. ... → The Retirement Plan’s net of fees performance for the quarter was +4.1%, compared to the Policy Benchmark and ... the Investable Benchmark Portfolios, which posted +4.6% and +4.5% returns, respecti

The value of the City of San Jose Police & Fire Department Retirement Plan’s assets on March 31, 2025 was $5.3 billion, compared to $5.3 billion at the end of the prior quarter. The Plan had net cash outflows of $114.8 million and investment gains of $82.6 million during the quarter. ... Retirement Plan’s net of fees performance for the quarter was +0.6%, compared to the Policy Benchmark and ... the Investable Benchmark Portfolios, which posted + ... 3% and + ... .3% returns, respectively. The p

The value of the City of San Jose Police & Fire Department Retirement Plan’s assets on June 30, 2025 was $5.5 billion, compared to $5.3 billion at the end of the prior quarter. The Plan had net cash inflows of $201.1 million and investment gains of $47.8 million during the quarter. ... → The Retirement Plan’s net of fees performance for the quarter was +6.0%, compared to the Policy Benchmark and ... the Investable Benchmark Portfolios, which posted +6.2% and +6.5% returns, respectively. The peer

City of San Jose ... Third Quarter 2024 ... Program Snapshot | As of September ... 30, 2024 ... Legacy Private Equity 2005 261.2 30.5 335.2 495.3 50.4 1.63 9.5 8.0 NB Fund of One 2017 564.8 207.3 312.0 58.7 462.6 1.67 18.2 9.9 Private Debt 2010 778.0 163.1 741.6 675.1 233.3 1.22 6.9 6.1 Real Estate 2012 392.2 77.0 350.2 222.6 230.1 1.29 9.9 3.0 Real Assets 2016 253.2 110.7 155.5 62.1 144.2 1.33 11.5 5.5 Venture Capital 2020 179.2 85.9 93.5 0.7 98.9 1.07 4.1 10.5 Total 2,428.6 674.5 1,988.0 1,514

Real Assets Portfolio – as of September 30, 2023 ... The Real Assets portfolio’s net IRR since inception is 11.21%, versus the blended benchmark return of 7.93% – The Real Assets portfolio includes private Infrastructure, Energy and Power, and Agriculture, Timber and Other The Real Assets portfolio is primarily Infrastructure and Energy and Power partnerships – Since inception net IRRs of 10.6% for Infrastructure and 12.9% for Energy and Power – Performance of the Energy and Power partnershi

Real Assets Portfolio – as of June 30, 2024 ... The Real Assets portfolio’s net IRR since inception is 10.77%, versus the blended benchmark return of 7.90% – The Real Assets portfolio includes private Infrastructure, Energy and Power, and Agriculture, Timber and Other The Real Assets portfolio is primarily Infrastructure and Energy and Power partnerships – Since inception net IRRs of 10.0% for Infrastructure and 12.8% for Energy and Power – Performance of the Energy and Power partnerships ha

February – Global Equity and Fixed Income • March – Absolute Return • April – Private Equity and Private Credit • May – Real Assets • June – Real Estate ATTACHMENTS ... Income Overview presentation ... • Global Equity Overview presentation ... Prepared by: Reviewed by: ... /s/ /s ... Introduction • Portfolio fit • Roles and ... • Portfolio construction • Performance ... Fixed Income Performance – ... • Core plus represents SCERS’ active Fixed Income exposure • Excess return expectations

RECOMMENDATION Receive and file the Monthly Report of Investment Activity for March 2026. PURPOSE/STRATEGIC PRIORITY This item complies with SCERS’ investment policy statement reporting requirements to provide information on new investment activity in connection with SCERS’ investment goals and objectives. ATTACHMENT • Board Order • Monthly Report of Investment Activity—March 2026 Prepared by: /S/ _____________________________ Kenter Ludlow Investment Analyst Reviewed by: /S/ ___________________