Document library

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.

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.

ICM packet for February 5 2025 containing NEPC's 2025 capital market assumptions presentation (as of December 31 2024), including 10-year return forecasts: Real Estate Core 5.5%, Real Estate Non-Core 7.2%, Private Debt Real Estate 6.3%, Private Real Assets Infrastructure 6.7%. Also includes ACERA's proposed 2025 ICM workplan and a delegated authority report on Orchard Global EleganTree Opportunities Fund III ($60M private credit opportunistic).

Minnesota SBI Annual Report for fiscal year ending June 30, 2024. Covers private markets program performance including real estate and real assets allocations, manager roster (KKR, Carlyle Group, Rockpoint, AG, Blackstone, Oaktree, Brookfield among others), and portfolio overview.

NEPC quarterly report covering BCFPERS real estate composite (~$344M, 10.2%) and real assets composite (~$525M, 15.6%); includes private RE partnership performance tables.

Staff private markets program report as of September 30 2024, part of the January 28 2025 board book. Real estate program includes core and value-add strategies (open-end and closed-end funds). PGIM real estate debt fund and Grandview I provide performance support. Includes new Brookfield BSREP V commitment. Covers Morgan Stanley Prime, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII.

Hamilton Lane 2025 annual real estate strategic plan for SBCERS; covers portfolio snapshot ($466.7M market value, 47 active partnerships), 2024 $60M commitment review, 2025 $45M pacing target, manager monitoring, and strategic allocation targets.

Fiduciary and conflict of interest review covering April 1, 2021 through March 31, 2024. Describes governance of real estate and real assets investments including roles of the Real Estate Advisory Committee (REAC) and Internal Investment Committee (IIC) in reviewing fund commitments. Covers placement agent policies, code of ethics, and manager relationships.

Complete asset listing as of March 31, 2025 including all real estate investments (pages 140-143) and real assets investments (page 160). Lists 100+ funds with book and fair values including: Blackstone BREP Asia I-III, BREP Europe VI-VII, BREP V/VI/VIII/IX/X, Blackstone Property Partners, Blue Owl Digital Infrastructure Fund III, Brookfield SREP II-B/III-B/IV, Carlyle Europe RE Partners III, Cortland Enhanced Value VI, Exeter Europe Logistics IV, KKR REPA III, LaSalle Property Fund, Oaktree RE Opportunities VIII-IX, Stockbridge RE Fund II-D/III-A, Trumbull Property Fund, WCP NewCold III, and many others.

Annual comprehensive financial report for the year ended March 31, 2025. Includes full real estate investment listing (140+ funds including Blackstone BREP series, Brookfield SREP IV, Carlyle Europe RE Partners, KKR REPA, Oaktree RE Opportunities, Stockbridge RE Fund III, Trumbull Property Fund, LaSalle Property Fund, Asana Partners Fund III, Artemis Healthcare Fund II, EQT Exeter Europe Logistics IV, and many others). Real estate target allocation 9.0%, actual 9.33%.

Callan Capital Market Review Q4 2024 distributed to CMERS. Real Estate/Real Assets section: 'Valuations May Have Bottomed; REITs Fall'. Shows Real Estate ODCE Style 0.9% Q4, 1.2% 1-yr, -5.1% 3-yr. NCREIF Property -6.2% 1-yr. ODCE redemption queues approximately 13% of NAV. Transaction volume analysis, cap rate analysis. Munir Iman from Callan's Real Assets Research group identified as author.

TMRS Private Investment Performance Report listing all ~45 real estate fund investments as of December 31, 2024, spanning core, value-add, and opportunistic strategies across US and European markets.

Staff memo presenting the 2025 Real Estate Structure Review to the Board for approval, covering Core and Non-Core Real Estate investment guidelines, pacing, portfolio composition, and transition from SMAs to commingled funds. StepStone concurred.

StepStone real estate Q2 2024 quarterly report; new Q2 2024 commitments: NYC SIGCRE23 Fund LP ($57M) and Mesirow Financial Real Estate Value Fund V ($67M), both Non-Core North America.

Adelante Capital Management monthly REIT manager report for November 2024. Portfolio performance (+28.85% trailing year). Covers sector allocation to various REIT property types, market commentary on commercial RE stabilization, and Blackstone re-entering REIT market via ROIC acquisition. Best/worst holdings analysis and portfolio guidelines compliance.

Verus Advisory 2025 capital market assumptions and five-year strategic asset allocation review including real assets/real estate allocation targets and recommendations, presented December 2024.

CEM benchmarking report covering calendar year 2023 cost data presented December 12, 2024; real estate funds management fees $24M; total investment costs $340.7M; real estate LP fund costs included in benchmarking.

Verus total fund investment performance review for SCERS for Q3 2024. Covers all asset classes. ALM study concluded in 2024. Real estate allocation 6.6% vs revised 8% target following strategic asset allocation change.

Townsend Group quarterly real estate performance report for SCERS covering Q3 2024 (quarter ended September 30, 2024). Top performers: Prologis European Logistics Fund (+4.1% USD), Prologis U.S. Logistics Fund (+1.4%), Seven Seas Japan (+13.6% USD). Bottom: KKR Real Estate Partners Americas (-19.8%), CIM Fund VIII (-9.8%). After quarter end: WCP NewCold III commitment ($50M non-core).

Presentation and consideration of Mesirow Financial Real Estate Value Fund V, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $150M announced from this presentation. Value-add strategy. Also at this meeting: Private Credit Structural Review and HarbourVest CT Co-Investment Fund tranche.

Nevada PERS Fiscal Year 2024 Annual Comprehensive Financial Report (year ended June 30, 2024). Investment section authored by Julia Bonafede of Jobs Peak Advisors and Callan Associates. Documents two core private real estate separate accounts: AEW and Invesco Real Estate. Private Real Estate returned -6.4% (net) for FY2024 reflecting weakness in office and multifamily. PERS total assets reached $64.2 billion. Target allocation remains 6% Private Real Estate.

FY2024 ACFR investment section listing 84 real estate partnerships ($5.6B fair value, 9.6% of assets) across 38 firms; 6 new commitments totaling $628M in FY2024; Townsend Group serves as real estate consultant.

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 November 21, 2024 board meeting.

FY2024 ACFR showing 15% real estate target allocation; real estate posted -9% for second consecutive negative year amid high rates; $242.7M NAV; managers: American Realty, Barings, Artemis RE Partners IV, Basis Investment Group (Big RE Fund I & II), Thor Urban.

CIO investment section of FY2024 ACFR covering the $6.4B (9.4% of assets) real estate portfolio with -7.7% return for fiscal year; lists all private real estate fund relationships including Heitman Value Partners V, FPA Core Plus Fund VI, Clarion Lion Industrial Trust, Brookfield Strategic Real Estate Partners IV, Carmel Partners VIII, Asana Partners III, and TruAmerica Workforce Housing Fund.

NEPC's quarterly performance review for PSPRS as of September 30, 2024, presented to Board of Trustees (Rose Dean presenting). Post-restructuring GPE includes RE at $2.604B (11.7% ITD NOF) and RA at $582M (6.2% ITD NOF). PSPRS ex-Workout Real Estate Portfolio 5-year return 8.79% (rank 25th percentile), 7-year 7.82% (rank 25th). Private comparable IRR analysis and peer universe positioning. Trust 7-year annualized 7.82%. NEPC discussed manager compliance and risk attribution.

IDR Investment Management CIO Garrett Zdolshek presented an educational overview of the NFI-ODCE Index structure and performance drivers. IDR manages approximately $99.5M for LACERA in its Core Property Index Fund.

SCERS 2024 year in review and 2025 Annual Investment Plan. Covers investment activities and strategic priorities for 2025 across all asset classes including real estate.

AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2024 (Item 4f Attachment 1, November 18 2024). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.

ERS staff memo recommending revisions to the Investment Policy Statement real assets component, effective January 1, 2025; updates core/non-core real estate language and removes legacy benchmark references.

November 2024 board agenda including NEPC Q3 2024 investment performance review; DERP real estate was down slightly in Q3 with real estate at 6.8% actual vs 10% target. Discussion of challenges and potential change of direction.