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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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First Look presentation by Belay Investment Group on Belay Ventures Fund IV, a MWDBE value-add real estate fund (Los Angeles CA), to CTPF on March 4, 2025.
American Realty Advisors (ARA) presentation of the American Strategic Value Realty Fund to ICERS at the September 18, 2024 board meeting. 36-year history, $11.3B AUM, 100% employee-owned. Presenters: Josh Brodsky and Ivy Holz.
Board Action Request for approval of a commitment to Basis Investment Group Fund III, presented to the CTPF Investment Committee on February 4, 2025.
Verus Investments Q2 2024 (period ending June 30, 2024) investment performance review for ICERS, presented at September 18, 2024 meeting. Includes investment landscape, portfolio performance, Audax Direct Lending Solutions Fund I recommendation, and active management environment analysis. Real estate allocation shown at 8.5% vs 10% policy target.
Verus Investments Q3 2024 (period ending September 30, 2024) investment performance review for ICERS. Covers investment landscape, portfolio performance, and private markets program review. Notes real estate allocation relative to 10% policy target.
Verus Investments Q1 2024 (period ending March 31, 2024) investment performance review for ICERS. Presented at the May 15, 2024 board meeting. Covers investment landscape, portfolio performance including real estate allocation, and 2024 strategic asset allocation analysis.
Verus Investments Q4 2023 (period ending December 31, 2023) investment performance review for ICERS. Presented at the February 21, 2024 board meeting. Covers investment landscape, portfolio performance, and investment manager fee analysis.
Verus Investments Q4 2024 (period ending December 31, 2024) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2025 capital market assumptions and asset allocation analysis.
Verus Investments Q3 2023 (period ending September 30, 2023) investment performance review for ICERS. Presented at the November 15, 2023 board meeting. Covers investment landscape, fund performance, and private markets program review.
Verus Investments Q2 2023 (period ending June 30, 2023) investment performance review for ICERS. Covers investment landscape, portfolio performance by asset class including real estate, and private markets program. Includes Verus 2023 Real Assets Outlook and discussion of private real estate in Taft-Hartley portfolios.
NEPC quarterly investment performance report for VCERA covering Q4 2023 (period ending December 31, 2023), presented at the February 26, 2024 Disability & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q3 2023 (period ending September 30, 2023), presented at the November 20, 2023 Business Meeting.
Callan Capital Market Review Q3 2024 distributed to CMERS. Real Estate section shows ODCE 0.8% Q3 return, -3.5% 1-yr, 3.3% 5-yr. NCREIF Property 16.1% Q3 (note: different valuation methodology). Includes analysis of ODCE redemption queues at approximately 13% of NAV, transaction volume trends, cap rate stabilization, and multifamily/industrial recovery narrative.
Callan Capital Market Review Q2 2024 distributed to CMERS. ODCE redemption queues declining. Real Estate/Real Assets section includes ODCE performance, transaction volume trends (lower vs 2022), recovering confidence in multifamily and industrial. Private and public real estate performance tables with 1-yr to 20-yr returns. REIT performance included.
Callan Capital Market Review Q1 2024 distributed to CMERS. Both NCREIF and ODCE dropped in Q1 2024. Real Estate/Real Assets section covers private and public real estate performance, ODCE redemption queue trends, transaction activity, and capital market conditions. Includes ODCE style returns vs NCREIF Property.
Callan quarterly Capital Market Review for Q4 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property and NFI-ODCE 4Q23 performance. Driven by falling rates, ODCE returned negative in Q4. Shows private RE performance across 1-yr to 20-yr, ODCE redemption queues, cap rate trends, and transaction activity. Public REIT performance also included.
Callan quarterly Capital Market Review for Q3 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property institutional real estate performance in Q3 2023. Shows ODCE index performance, market trends, transaction volume, valuations, and redemption queues. Includes private real estate return data across multifamily, industrial, office, and retail sectors with 1-yr, 3-yr, 5-yr, 10-yr, 20-yr trailing returns.
February 12, 2026 Investment Committee packet includes Callan memo recommending CMERS eliminate its 3.3% Public Diversified Real Assets (Principal Diversified Real Assets) allocation and reallocate to core private real estate. New structure: Core Real Estate 8.7%, Non-Core 0%, Total Real Estate 8.7%, Public DRA 0%. Callan 2026 Capital Market Assumptions show Core Real Estate 6.25% 10-yr return. Prologis USLF personnel update: Kosta Karmaniolas joins as VP fund management, will assume fund manager role end-2026.
Q3 2025 performance report in the November 6, 2025 Investment Committee packet. Real Assets target revised to 12% (from 9.7%+3.3%). Manager due diligence schedule includes meeting with Harrison Street in Q4 and Prologis TBD. Callan client list confirms Artemis Real Estate Partners, TA Realty, Maverick Real Estate Partners, Intercontinental Real Estate Corporation, PGIM, Heitman, and Blue Owl Capital as Callan consulting clients in the RE space. Real Estate ODCE Style 4.1% Q3, 3.3% 1-yr. Principal Diversified Real Assets Q3 performance included.
Q2 2025 performance report. Key manager news: Harrison Street – Colliers International rebranded its investment division as Harrison Street Asset Management (HSAM) in July 2025, Christopher Merrill becomes Global CEO; no change to Core Property Fund team. LaSalle – Deputy PM Alfreda Delle taking leave, Patrick Pelling named new PM for LaSalle Property Fund (LPF). Full RE portfolio: JP Morgan (2.24% target, $90M), Morgan Stanley (2.42%, $147M), LaSalle (2.06%, $109M), Prologis USLF (non-core, 1.17%), Harrison Street Core Property Fund (0.81%, $82.5M). Real Estate at 8.7% target.
Q1 2025 performance report embedded in June 5, 2025 Investment Committee packet. Total Real Estate at $284.9M (4.73% actual). Real Assets at $195.5M (3.25% actual). Real Estate 0.96% Q1 (rank 17th). ODCE style 1.3% in Q1. Real Estate ODCE Style 1-year 2.7%, 3-year -3.1%. Principal Diversified Real Assets 1Q performance included. Also contains MFS Global Growth Equity manager presentation.
April 10, 2025 Investment Committee packet includes annual manager assessment scorecard and 2025 work plan. Work plan lists: Real Estate Performance Review scheduled May 8, 2025 and December 4, 2025. Due diligence schedule includes 'Loomis Sayles and MFS, with additional meeting with Prologis' in Q4 2025. Private Equity Pacing Review, asset allocation discussion also on agenda. Illiquidity target (Real Estate + PE): 58.9-63.1%.
Phase III final results of CMERS 2025 Asset-Liability Study presented March 13, 2025. Recommends new asset allocation targets including Private Real Estate 10% / 9% / 8% trajectory. Callan Capital Market Assumptions include ODCE 6.25% 10-yr return. Shows ODCE redemption queue declining. Real Estate ODCE Style -2.2% 1-year vs NCREIF Property +0.4%. Historical CMERS real estate stress test scenarios across multiple market cycles analyzed.
Q4 2024 performance report embedded in February 13, 2025 Investment Committee packet. Real Assets at $194.5M (3.08% actual). Total Real Estate at $181.4M (3.10% actual). Manager notes: Morgan Stanley promoted Ms. Durkay as global head of real estate (23 years experience, formerly Head of Global Listed Real Assets at Morgan Stanley). Principal Diversified Real Assets performance reviewed. Real estate underweight ODCE target.
Phase II Glide Path analysis presented February 13, 2025. Includes Callan 2025-2034 Capital Market Assumptions with Core Real Estate at 8.50% 10-yr return, 27.60% standard deviation. Shows historical Private Real Estate target evolution: 10%, 9%, 8%, 5%, 4%, 3% over various years. Current allocation: Private Real Estate 9.7%, Liquid Real Assets 3.3%. Includes ODCE redemption queue analysis showing 16.4% of NAV in queues.
Q3 2024 performance report in the November 2024 Investment Committee packet. Manager news includes Harrison Street (active US fixed income and private real estate due diligence scheduled Q2/Q3) and LaSalle (deputy PM news noted). Real Assets at $172M (2.84% actual vs 9.7% target). Principal Diversified Real Assets 3Q2024 performance included. Real Estate Benchmark reflects ODCE.
Quarterly performance report in the September 5, 2024 Investment Committee packet. Real estate underweight noted. Total Real Estate at $177.9M (3.02% actual vs 7.0% target). Real Assets at $194.7M (3.31% actual). Principal DRA performance included. Packet primarily covers private equity program review including Mesirow and Apogem commitment upsizes. Callan Public Fund Sponsor Database comparison included.
Quarterly performance report in the April 18, 2024 Investment Committee packet. Covers Q1 2024 performance including Real Assets (9.7% target, 10.8% actual). Principal Diversified Real Assets manager review included. Real Estate underweight real assets noted. Callan Public Fund Sponsor Database comparison.
Quarterly performance report in the February 8, 2024 Investment Committee packet. Covers Q4 2023 performance including real estate (NFI-ODCE benchmark, 9.7% target). Shows Total Real Estate at 3.07% actual vs 9.7% target as of year-end 2023. Principal Diversified Real Assets 4Q performance included. Callan Public Fund Sponsor database comparison. Also contains Loomis Sayles and MFS guideline amendments.
Quarterly performance report embedded in December 2023 Investment Committee packet. Covers Q3 2023 performance for all asset classes including real estate (NFI-ODCE benchmark). Shows Real Estate at 9.7% target vs 8.50% actual. Principal Diversified Real Assets reviewed. Callan 2024 Capital Market Assumptions included showing Core Real Estate 6% return projection. Callan Public Fund Sponsor Database comparison included.
Final phase of CMERS 2023 Asset-Liability Study presented June 8 2023. Covers Callan 2023-2032 Capital Market Assumptions including Core Real Estate 5.75% 10-yr return projection. Analyzes six alternative asset mixes with private real estate targets ranging 10-14%. Recommends increasing Private Real Estate target from 9.7% to 12%+ and reducing absolute return allocation. Board ultimately adopted new allocation with Private Real Estate at 9.7% target.
Callan real estate portfolio review presented at June 8, 2023 Investment Committee meeting. Shows 1Q2023 core fund allocations: LaSalle Property ($116.7M, 23%), Prologis Logistics ($92.1M, 18.3%), JP Morgan and Morgan Stanley. Includes 4Q2023 projection, growth rate forecasts, and recommendation to commit to a new fifth core open-end fund (Harrison Street Core Property Fund). Callan approved the Real Estate Manager Structure at this meeting.
Callan consultant report covering the CMERS Core/Core Plus Private Real Estate manager search. Documents search process, candidate profile, semi-finalist screening of 19 managers, and finalist comparison between Harrison Street Core Property Fund and Kayne Anderson KACORE. Includes comparative performance, fee analysis, and summary matrix. Search conducted September 2022–April 2023.
Finalist presentation for CMERS Core/Core Plus Real Estate manager search. Covers KACORE, Kayne Anderson's open-end alternative core strategy targeting 9-10% net returns from medical office, seniors housing, student housing, and self-storage. As of Dec 31 2022, KA Real Estate had $14B in AUM. Includes deployment history, sector deep dives, portfolio overview, and performance vs ODCE.
NEPC quarterly investment performance report for VCERA covering Q1 2026 (period ending March 31, 2026), presented at the May 18, 2026 Board of Retirement Meeting by Daniel Hennessy and Rose Dean.
NEPC quarterly investment performance report for VCERA covering Q4 2025 (period ending December 31, 2025), presented at the February 23, 2026 Board of Retirement Meeting.
NEPC quarterly investment performance report for VCERA covering Q3 2025 (period ending September 30, 2025), presented at the December 15, 2025 Disability & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q2 2025 (period ending June 30, 2025), presented at the September 29, 2025 Board Retreat & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q1 2025 (period ending March 31, 2025), presented at the May 19, 2025 Disability & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q3 2024 (period ending September 30, 2024), presented at the December 16, 2024 Disability & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q2 2024 (period ending June 30, 2024), presented at the September 9, 2024 Disability & Business Meeting.
NEPC quarterly investment performance report for VCERA covering Q2 2023 (period ending June 30, 2023), presented at the September 25, 2023 Board Retreat & Business Meeting.