Document library

Callan Associates Q3 2023 quarterly peer performance report embedded in March 2024 SWIB Board of Trustees meeting materials.

Staff educational presentation on PERA's $3.9B Alternatives program covering Opportunistic, Real Assets, and Risk Mitigation sub-portfolios with portfolio construction, performance, and commitment history as of September 30, 2023.

Investment Committee agenda for Mar 12 2024 recommending commitment to NB Real Estate Secondary Opportunities Fund II, L.P., a real estate secondaries fund managed by Neuberger Berman.

NEPC quarterly real estate performance review for PA SERS as of September 30, 2023. Presented at February 27, 2024 Investment Committee meeting, alongside the RE and PE pacing discussion that approved a $300M commitment pacing level for non-core real estate in 2024.

Board approval page for the February 29, 2024 SBI meeting confirming authorization of $175M to Oaktree Real Estate Opportunities Fund IX and $150M to Blackstone Energy Transition Partners IV.

IMD staff inflation-sensitive portfolio review as of 12/31/2023; includes real assets sub-strategies (infrastructure, timberland, private natural resources, energy), allocation vs. SAA target, and pacing history.

Investment Committee agenda for Feb 6 2024 recommending commitment to Starwood Distressed Opportunity Fund XIII Global L.P., an opportunistic real estate fund managed by Starwood Capital Group.

Board of Retirement staff report (File 24-024) covering Q4 2023 deal flow for both private equity and private real estate; 13 of 31 proposed investments approved in the quarter.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the January 31, 2024 regular meeting, covering capital markets update, pension fund performance, and asset allocation including real estate and real assets portfolio detail.

NJ Division of Investment staff presentation to the State Investment Council covering Fiscal Year 2023 performance, the approved revised asset allocation plan effective October 2023 (merging Equity-Related and Debt-Related Real Estate into one Real Estate allocation), and expansion of the Emerging Managers Platform (real estate as second sleeve). Presented at the January 31, 2024 annual meeting.

Staff memo and IPC report proposing a $500 million investment in NJ-StepStone Real Assets SMA managed by the StepStone Group, focusing on infrastructure and energy transition investments. The SMA is a customized separately managed account diversified by manager, deal type, subsector, and geography. Presented at SIC January 31, 2024 regular meeting.

CIO quarterly review for Q3 2023 covering new commitments in Real Estate & Infrastructure Division; unfunded REID commitments approximately $3.4B.

NEPC quarterly real estate performance review for PA SERS as of June 30, 2023. Includes portfolio IRR performance vs NCREIF benchmarks, real estate market update, investment-level performance, and strategy summaries. Presented at December 5, 2023 Investment Committee meeting.

Callan quarterly real estate portfolio performance report for NHRS for the period ending September 30, 2023, included as informational material at the December 12, 2023 IIC meeting.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q3 2023), Private Equity, Private Credit, and Real Assets (Q2 2023). New Q3 2023 commitments: CVC Capital Partners IX ($30M PE); Meridiam Infrastructure North America IV ($50M real assets infrastructure).

NEPC consultant recommendation memo for PA SERS commitment of up to $70M to Ares US Real Estate Opportunity Fund IV plus up to $30M co-investments (total $100M). NEPC highlights strong performance, deep team, hybrid operator/allocator model, and attractive strategy for the 2023 market environment.

SERS Investment Office staff recommendation memo for a potential commitment of up to $100M to Ares PA Opportunities Fund LP (investing in Ares US Real Estate Opportunity Fund IV). Categorized as Real Estate / Value-Add/Opportunistic sub-asset class.

Presentation and consideration of Penzance DC Real Estate Fund III LP, a Washington DC-focused value-add real estate fund, presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $125M announced at January 2024 IAC meeting. DC-metro market focus.

NEPC quarterly IPA; records Edgewood Partners IV ($100M, Real Assets), RAM Special Opportunities Fund ($50M, RE), Raith RE High Yield Credit ($200M, RE) approved Jul–Sep 2023.

Staff recommended a $20M commitment to AG Europe Realty Fund IV, a European non-core real estate strategy; discussion included Angelo Gordon's acquisition by TPG.

NJ Division of Investment quarterly Director's Report presented to the State Investment Council at the October 25, 2023 regular meeting, including unaudited FY2023 pension fund performance, FY2023 performance review by asset class including real estate and real assets, and alternative investment closings update.

Board resolution authorizing the Comptroller to commit $29M of BERS Real Assets portfolio to an investment management fund, per Aksia TorreyCove Partners consultant recommendation dated September 20, 2023.

Staff memo and IPC report proposing a $200 million investment in Cerberus Institutional Real Estate Partners VI, L.P., a global multi-strategy debt and equity real estate fund targeting 17-20% gross returns. Strategy covers non-performing loans, distressed real estate, industrial, multifamily, cold storage, and outdoor industrial storage. $3 billion target fund size. Presented at SIC October 25, 2023 meeting.

Staff and NEPC presented annual real estate deep dive: 12.1% allocation, transition from US core to global diversified, search for Europe non-core strategy previewed.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2023. Includes portfolio performance vs NCREIF ODCE and C|A Non-Core benchmarks, market and portfolio update, investment-level performance appendix, and real estate strategy summaries across core and non-core managers. Presented at September 19, 2023 Investment Committee meeting.

Board adopts Segal Marco Advisors recommendation to amend BERS Asset Allocation Policy, formalizing targets for private equity, real estate, and infrastructure alternatives.

EVPCFO disclosure of follow-on commitments: $75M to Merit Hill Capital (US value-add self-storage) and ¥7B to Star Asia Group (Japan real estate special situations), both committed in 2022.

Annual GEP performance review (June 30, 2023): real estate portfolio $2.7B – BREIT 57% ($1,550M), Legacy 43% ($1,152M); BREIT returned -5% fiscal YTD.

Meketa Investment Group quarterly infrastructure performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 7, September 18 2023). Covers portfolio returns, policy parameters, and market commentary. 13 pages.

Presentation and consideration of Blue Owl Real Estate Fund VI, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $200M announced at November 2023 IAC meeting. Blue Owl is a top-5 manager by NAV in CRPTF RE portfolio. Net-lease focused value-add strategy.

Board approval page for the August 23, 2023 SBI meeting confirming authorization of up to $150M to Blackstone Real Estate Partners Europe VII and up to $200M to Brookfield Strategic Real Estate Partners V.

GP presentation for Brookfield Strategic Real Estate Partners V, a global opportunistic real estate fund targeting $15B. Minnesota SBI committed up to $200M, approved August 23, 2023.

Verus annual total portfolio performance review including a 2023 Real Assets Outlook section covering commercial real estate dislocations, infrastructure valuations, and CCCERA's private RE portfolio update as of June 30, 2023.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2022; $5.2B NAV, 8.7% net IRR since inception.

CIO approved under delegated authority a $150M commitment to Bain Capital Real Estate Fund III, a non-core private real estate fund with a US/global large-cap opportunistic strategy targeting long-term demand growth areas.

NEPC quarterly IPA; records Realterm European Logistics Fund II ($75M, RE) and Kildare Partners IV ($100M, Real Assets) approved Apr–Jun 2023.

RVK, Inc. capital market assumptions update, asset/liability study summary, and asset allocation recommendations presented to the State Investment Council at the July 26, 2023 regular meeting. The Council voted to approve revised asset allocation targets including changes to Real Estate and Real Assets class targets effective October 1, 2023.

NJ Division of Investment quarterly Director's Report presented to the State Investment Council at the July 26, 2023 regular meeting. Includes capital markets update through May 2023, pension fund asset allocation and net returns, and alternative investment fund commitment updates.

Investment Committee informational staff report (File 23-114) on mid-year 2023 RE pacing update; reports one $10M Apollo life-science co-investment committed YTD against $100M budget.

ICM packet for July 12 2023 at which the board considered a $30 million investment in LS Power Equity Partners V as part of ACERA's real assets portfolio (natural resources / energy infrastructure). GP materials exempt from disclosure per CA Gov. Code. The packet also contains Verus's workplan and an emerging markets equity evaluation criteria follow-up memo.

Verus Advisory real assets outlook and performance review prepared for TCERA as of June 30 2023 covering private real estate and infrastructure.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2023), Private Equity, Private Credit, and Real Assets (Q4 2022). Real Assets returned 2.1% for the period ending December 31, 2022. New commitments: Cortec Group Fund VIII ($30M PE buyout); NGP Royalty Partners II ($25M real assets additional commitment).

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2023 (Item 6e Attachment 3, June 20 2023). Covers infrastructure portfolio returns, policy parameters, and market commentary. 13 pages.

ICM packet for May 17 2023 at which the board considered a $38 million investment in Davidson Kempner Opportunities Fund VI (classified by ACERA under private equity / debt-related special situations, with real estate debt exposure) as part of ACERA's private equity portfolio. Presenters: Alexis Georgiadis and Anthony Yoseloff of Davidson Kempner Capital Management, plus Faraz Shooshani of Verus Advisory. GP materials exempt from disclosure. Packet also contains a TCW Concentrated Core Equities watchlist review.

UWINCO annual investment program review presented to Board of Regents; CEF real assets allocation ~5% (~$207M) of $4.7B endowment as of Dec 2022.

Cambridge Associates annual benchmarking report comparing UW endowment performance and real assets allocation versus peer institutions.