Document library

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.

Staff memo (May 23, 2025) documenting executed real estate contracts: BIG Real Estate Fund III ($75M funded April 18, 2025), BRASA III LP amendment, Carlyle Property Investors MFN, and Franklin Templeton Private Real Estate Fund term extension to September 2026.

Staff memo recommending the board authorize step two for a $250M commitment to Hines U.S. Property Partners Fund, a core and non-core open-end U.S. real estate fund.

Staff analysis attachment detailing alignment, structure, fees, expected returns, and risks for $250M investment in Hines U.S. Property Partners Fund.

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.

IAC-endorsed private markets recommendation for the May 13, 2025 IAC meeting, covering up to $200M to TA Realty Value-Add Fund XIV (U.S. industrial/multifamily/data centers/retail/office) and up to $250M to Energy Capital Partners VI (energy infrastructure). Total $450M.

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 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.

Hamilton Lane Q1 2025 RE performance update for SBCERS; deal reviews cover Abacus Multi-Family Partners VII ($7.5M) and Artemis Real Estate Healthcare Partners Fund III ($7.5M); portfolio one-year IRR of 1.37%.

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'.

TRS IMD April 2025 board presentation: Q4 2024 performance update with real estate as alpha generator despite ODCE down 10% one-year; special opportunities including real estate construction loans; Aon performance review embedded.

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 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.

FEG Q4 FY2024 investment update covering LTIP real estate performance (+1.7% relative contribution); real estate allocation 6.2% of $1.13B pool.

Verus ALM study conclusions and strategic asset allocation revisions approved at March 19, 2025 board meeting. Revised real estate target from 9% to 8% (range 6-10%), revised real assets target from 7% to 5% (range 3-7%), increased private credit to 10% target. Reduction in real estate target reflects continued underallocation and market conditions.

Townsend Group quarterly real estate performance report for SCERS covering Q4 2024 (quarter ended December 31, 2024). Portfolio 6.5% allocated vs 9.0% target. Top performers: Townsend RE Fund (+4.9%), MetLife Core Property Fund (+1.9%), Sculptor RE Fund III (+8.5%). New Q4 2024 commitment: Sculptor Real Estate Fund V ($50M non-core).

SCERS Annual Investment Operations Report presented at March 19, 2025 board meeting. Reviews all investment activity, manager lineup, and operational metrics for the prior year across all asset classes including real estate.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2024 (Item 6a Attachment 5, March 17 2025). RE portfolio comprised 71.6% of Real Assets. Returns exceeded benchmark for 1-year period. 14 pages.

CalPERS Investment Committee agenda staff memo for Item 6a, March 17 2025. Trust Level Review Consultant Report introducing Wilshire performance review and Meketa semi-annual program reviews. Meketa RE Performance Review (Dec 31 2024) is Attachment 5; Meketa Infrastructure is Attachment 6.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending September 30, 2024; presented March 12, 2025.

Mandatory Quebec filing listing all private-market real estate fund investments as at December 31, 2024, including Greystar Growth and Income Fund, Greystar Equity Partners X, Blackstone RE Partners, Rockpoint, TPG RE Partners, Aermont, and GTIS Brazil RE Fund III-A.

CDPQ 2024 annual report covering the real estate portfolio (-10.8% return); key RE transactions include Walker & Dunlop residential partnership (US$500M), Scape/APG student housing JV (AUD 1B), and URBZ Capital logistics in Sweden.

Q4 2024 board quarterly update documenting PRIM Board approval of $150M each to DWS Group and PGIM Real Estate for active U.S. REIT equity mandates, plus benchmark recommendations for real estate.

PSERS Investment Office private real estate asset class review presented February 28, 2025. Covers portfolio role, performance (outperformed benchmark by 310bps as of June 2024), market update for industrial and multifamily, strategic plan, and 2025 Aksia pacing model recommending $300-$600M annual commitments. Portfolio at 6% SAA target allocation.

NEPC quarterly private real assets report as of September 30 2024, presented at the February 25 2025 StanCERA Board meeting. Covers performance of real estate and real assets holdings including Morgan Stanley Prime Property Fund, PGIM US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, and TA Realty Fund XIII. Includes AB2833 alternative investment fee and expense report for FY2024. Bundled in February 25 2025 board book.

Adelante Capital Management monthly REIT manager report for January 2025. Performance: outperformed Wilshire US REIT by 19 bps (month) and 20 bps (quarter). Best holding: ProLogis +12.6%; worst: Digital Realty Trust -7.6%. Includes commercial RE outlook noting signs of stabilization in office and retail. New positions: Agree Realty and VICI Properties.

Staff memo (February 21, 2025) documenting real estate contract actions: BRASA III LP amendment, Cabot Industrial Value Fund VI management services consent, Newport Capital Fund III advisory committee consents.

RCLCO Fund Advisors Q3 2024 semi-annual real estate strategy presentation for CalSTRS Investment Committee covering performance through September 30, 2024.

Quarterly portfolio allocation report showing real estate composite with core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); presented at February 20, 2025 board meeting.

Verus total fund investment performance review for SCERS for Q4 2024. Covers all asset classes including real estate. Follows completion of the ALM study and strategic asset allocation revision lowering real estate target to 8%.

Meketa Investment Group quarterly total fund performance report for period ending December 31, 2024, including ERS real assets allocation and performance attribution.

Albourne (William Greenwood and Sean Crawford) presented quarterly report covering Infrastructure, Natural Resources, and Real Estate portfolios as of December 31, 2024 at February 13, 2025 board meeting.