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Public-record fund presentations, plus the staff memos and consultant reports that accompany them in public pension and endowment board materials. Filter by document type, sector or location. Every link points to the official source.
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Callan Q4 2023 Real Estate and Infrastructure Performance Review and FY2025 Pacing Study for CTPF, covering portfolio performance, benchmark comparisons, and recommended pacing for new commitments, presented May 21, 2024.
Callan Real Assets Performance Commentary for Q1 2025, providing market and manager commentary for CTPF's real estate and infrastructure portfolio, presented November 4, 2025.
Callan quarterly Real Assets portfolio report for Q1 2025 covering CTPF real estate and infrastructure manager performance, presented at the November 4, 2025 Investment Committee meeting.
Verus Investments Q1 2025 (period ending March 31, 2025) investment performance review for ICERS. Includes investment landscape, portfolio performance, and a recommendation for additional commitments to Sixth Street Diversified Credit Program (DCP).
ASB Capital Management update on the ASB Allegiance Real Estate Fund (~$6.1B open-end core fund) to ICERS at the September 17, 2025 board meeting. Data as of June 30, 2025. Presented by Frank Nigro and David Quigley.
Verus Investments Q2 2025 (period ending June 30, 2025) investment performance review for ICERS. Presented at September 17, 2025 board meeting. Includes investment landscape, portfolio performance, HarbourVest International VI extension request, IR+M guideline amendment, and William Blair global equity team update. ICERS total fund at $1.35B.
Verus Investments Q3 2025 (period ending September 30, 2025) investment performance review for ICERS. Total fund value $1,349,086,723 as of September 30, 2025. Includes investment landscape, portfolio performance, and private markets program review. Presented at November 19, 2025 board meeting.
May 4, 2023 Investment Committee quarterly performance packet. Real Assets at 9.7% target vs ~20.4% actual (overweight). Real Estate -0.9% Q1 2023 (rank not shown). ODCE index negative. Principal Diversified Real Assets performance reviewed. Capital calls for real estate in 2023 projected. Callan Public Fund Sponsor Database comparison included. Abbott Capital PE performance update.
Nuveen Real Estate First Look presentation on the U.S. Affordable Housing strategy to the CTPF Investment Committee on September 11, 2025.
Verus Investments Q4 2025 (period ending December 31, 2025) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2026 capital market assumptions and asset allocation analysis, and investment manager fee analysis.
Verus Investments Q4 2022 (period ending December 31, 2022) investment performance review for ICERS. Presented at the February 15, 2023 board meeting. Includes IRR vs TWR methodology discussion and discussion of real estate sector performance in the context of rising interest rates.
Greystar Real Estate Partners First Look presentation on the Essential Housing Fund, a workforce/affordable multifamily strategy, to the CTPF Investment Committee on September 11, 2025.
Callan Real Assets Performance Commentary for Q2 2023, summarizing CTPF real estate and infrastructure manager performance and market observations, presented October 24, 2023.
CTPF investment staff client book for the MWDBE Real Estate Manager Search finalist presentations at the May 7, 2026 Investment Committee meeting, summarizing search process and finalist managers.
CTPF investment staff cover memo for the September 11, 2025 First Look meeting featuring non-MWDBE real estate manager presentations (Greystar, Nuveen, Coastal Ridge).
Staff recommendation memo for TA Realty Value-Add Fund XIV, a value-add diversified real estate fund, presented to the CTPF Investment Committee on September 11, 2025.
Callan Capital Market Review Q4 2025. 'Real assets delivered.' Real Estate 1.2% Q4, 4.9% 1-yr, 3.8% 5-yr. NCREIF Property Q4 data. Real assets broadly positive Q4 2025. ODCE redemption queues analysis. Private RE market narrative with transaction volume and cap rate data. Public REIT vs private RE comparison. Includes 2026 capital market projections context.
Board Action Request for approval of the 2025-2026 Real Estate Strategic Pacing Plan, presented at the June 10, 2025 CTPF Investment Committee meeting.
First Look presentation by Newport Capital Partners, a MWDBE real estate credit manager, to the CTPF Investment Committee on April 5, 2024.
Callan quarterly real estate portfolio performance review for Q1 2023, covering CTPF's private real estate holdings and benchmarks, presented at the October 24, 2023 Investment Committee meeting.
Verus Investments Q2 2024 (period ending June 30, 2024) investment performance review for ICERS, as posted on the ICERS website. Covers investment landscape and portfolio performance by asset class including real estate.
Callan Capital Market Review Q2 2025. 'Agg Up 1.2% as the...Real Estate Sectors...Activity Perks Up.' Private real estate gains in Q2 2025 but REITs struggled vs equities. Transaction activity ticked up. ODCE style and NCREIF Property performance tables included. Includes section on real estate sector performance including multifamily, industrial, data centers. Private and public RE comparative returns across 1-yr to 20-yr.
Callan Capital Market Review Q3 2025. Real estate valuations start to stabilize. Real Estate 1.2% Q3, 4.6% 1-yr, 3.8% 5-yr. NCREIF Property positive. ODCE style returns and transaction volume trends. Shows market stabilization narrative with multifamily and industrial recovery. Public REIT comparison included. Private RE market trend analysis.
April 10, 2025 Investment Committee packet. ODCE style and NCREIF performance included. Real Estate ODCE 0.9% Q1, NCREIF 1.3% Q1. Total Real Estate at ~$480M (8.0% actual vs 7.0% target). ODCE redemption queues 16.4% of NAV. Principal Diversified Real Assets performance included. Real Estate Performance Review scheduled for May 8, 2025. Historical value add analysis since 1995.
CTPF staff recommendation memo for Newport Capital Partners Fund IV, a MWDBE real estate credit fund, presented at the May 6, 2025 Investment Committee First Look meeting.
Callan Real Assets Performance Commentary for Q3 2025, providing market and manager commentary for CTPF's real estate portfolio, presented as appendix at the May 7, 2026 IC meeting.
April 16, 2026 Investment Committee packet. Primarily fixed income manager presentations (PPM America). Callan 2026 capital market assumptions context for real estate with Core Real Estate target 8.7%. Real estate allocation per revised structure: Core 8.7%, Non-Core 0%, Public DRA 0%. Tariff and trade policy economic context from JP Morgan. Manager due diligence report included.
Callan quarterly Real Assets portfolio report for Q3 2025 covering CTPF real estate and infrastructure manager performance, presented as appendix at the May 7, 2026 Investment Committee meeting.
February 9, 2023 Investment Committee packet containing Q4 2022 performance report and Asset-Liability Study Phase I with Callan 2023 Capital Market Assumptions. Private Real Estate target 9.7% (range 10-16%). Core Real Estate 5.75% 10-yr return assumption (Bloomberg Commodity benchmark also shown). Liquid Real Assets target 13%. Correlation matrix shows Core Real Estate 0.98 correlation to itself, 0.46 to broad equities. Real estate cash flows and capital calls projections included.
Verus Investments memo to ICERS board recommending approval of HarbourVest IX-Buyout Fund, IX-Credit Opportunities Fund, and IX-Venture Fund term extensions at reduced management fees. Presented at November 20, 2024 meeting. Cites broader private equity market slowdown since 2022 rate environment.
Principal Asset Management comprehensive review of the Diversified Real Assets CIT (DRA) strategy embedded in the February 2024 Investment Committee packet. Covers: investment team (including leadership transition in 2024), investment process, multi-asset real assets strategy including global REITs (Principal Real Estate), infrastructure (ClearBridge, MacQuarie), TIPS (BlackRock), floating rate debt (Nuveen). Callan rates strategy as stable with good diversification. AUM: ~$175M for CMERS. Target: 13% of CMERS portfolio.
Callan Q4 2022 Real Estate and Infrastructure Pacing Study presented to the CTPF Investment Committee in May 2023, covering portfolio pacing, vintage year diversification, and allocation targets for the RE and infrastructure programs.
First Look presentation by Preservation of Affordable Housing (POAH), a MWDBE affordable housing developer and manager, to the CTPF Investment Committee on June 2, 2023.
First Look presentation by RESSCO, a real estate investment firm, to the CTPF Investment Committee First Friday meeting on June 2, 2023.
First Look presentation by Jonathan Rose Companies on Rose Affordable Housing Preservation Fund VI to the CTPF Investment Committee First Friday on June 2, 2023.
First Look presentation by Caro Investors, a MWDBE real estate credit manager (Chevy Chase MD), to the CTPF Investment Committee on June 7, 2024 as part of the RE debt search.
First Look presentation by TerraCotta Group, a MWDBE real estate credit manager, to the CTPF Investment Committee on June 7, 2024 as part of the RE debt search.
First Look presentation by Arc70 Capital (Burlingame CA), a MWDBE real estate credit manager, to the CTPF Investment Committee on March 4, 2025.
Board Action Request seeking Investment Committee approval of the FY2025 real estate and infrastructure strategic pacing plan, presented May 21, 2024.
CTPF staff executive summary memo for the MWDBE real estate credit/debt manager search, covering search rationale and finalist overview, presented June 7, 2024.
HarbourVest extension request letter for HIPEP VI-Partnership Fund L.P. (formed 2008, $1.447B total fund size) requesting one-year extension to September 30, 2026 with no management fee. Accompanied by Verus memo recommending approval, presented at September 17, 2025 ICERS board meeting.
CTPF staff recommendation memo for Basis Investment Group Fund III, a MWDBE real estate debt fund, presented to the Investment Committee on February 4, 2025.
TA Realty investment committee presentation for Value-Add Fund XIV to CTPF on September 11, 2025, covering fund strategy, portfolio construction, and terms.
Investment Committee presentation for Adams Street Lake LaSalle Fund III re-up, a diversified real estate fund co-branded with LaSalle Investment Management, presented at CTPF on June 10, 2025.
First Look presentation by BIG Real Estate Fund III, a MWDBE real estate fund, to the CTPF Investment Committee on March 4, 2025.