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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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See plans2,394 documents·908 GP·686 LP·800 consultant
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May 2023 board book investment update (data as of March 31 2023) listing cumulative FY2022-2023 real estate commitments: includes earlier commitments plus new additions DRA Growth & Income Fund XI LP ($50M CAPP) and Stockbridge Value Add Fund V LP ($50M CAPP). Real estate portfolio at $1.647B (11.90% of CAPP), down -2.33% 1-year.
Invesco Real Estate GP presentation for the U.S. Income Fund L.P. (core-plus open-end commingled fund). Presented by Daniel Kubiak and Laler DeCosta. $86.7B AUM, $6.5B core-plus. Portfolio concentrated in residential, industrial, and specialty (medical office, life science, manufactured housing, cold storage, SFR). Sunbelt-focused. As of March 31, 2024.
February 2026 board book investment update (data as of December 31 2025) listing FY2026 real estate new commitments: Sterling United Properties Fund I LP ($50M CAPP/$50M TFIP/$15M SFIP), Sweet Grass-Equus II LP ($100M CAPP/$50M TFIP), Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$100M TFIP, second commitment closed December 16 2025). Real estate at $1.166B CAPP (5.90%), 2.82% 1-year. Also includes Short Term Investment Pool Review and STIP analysis. RE Investment Service (REIS) pool newly created.
Sweet Grass-Equus LP (joint venture/separate account structure) approved as new real estate commitment: $100M CAPP/$50M TFIP disclosed in the February 2023 board investment update. Equus Capital Partners is a value-add/opportunistic real estate operator (vertically integrated). Montana-connected name suggests in-state or regional focus.
PERS staff summaries of four core/core-plus RE managers: Invesco U.S. Income Fund (core-plus, $4.5B AUM, June 2022 commitment), J.P. Morgan Strategic Property Fund (core, $36B AUM, Sept 2012 commitment), Principal U.S. Property Account (core, $11.9B AUM, June 2003 commitment), UBS Trumbull Property Fund and TPG (core, $13.7B AUM, June 2003 commitment). Data as of March 31, 2024.
February 2023 board book investment update section (data as of December 31 2022) listing FY2023 real assets new commitment: CBRE Musselshell Infrastructure Investments LP ($100M CAPP/$50M TFIP). Includes real assets portfolio performance, ownership breakdown, and valuation commentary on commodities and timber.
Callan quarterly performance review for Mississippi PERS real estate portfolio as of November 2025. Real estate at $8.43B / 22.2% of fund. Private RE returned 0.4% (0.81% fiscal YTD). Also includes Callan infrastructure manager search report presenting Blackstone, Brookfield, EQT, and JPM recommendations.
February 2023 board book investment update section (data as of December 31 2022) listing FY2022-2023 real estate new commitments: Marcus Capital Partners Fund IV ($50M CAPP), AEW Cold Storage Properties Fund ($80M CAPP/$50M TFIP), EverWest Silver Bow Holdings LLC ($100M CAPP/$50M TFIP), Sweet Grass-Equus LP ($100M CAPP/$50M TFIP), Bell Value-Add Fund VIII LP ($50M CAPP). Also includes real estate portfolio performance, characteristics, and valuation commentary.
UBS Realty Investors LLC GP presentation for Trumbull Property Fund (TPF, core open-end, $13.7B AUM, $372M PERS) and Trumbull Property Growth & Income Fund (TPG, core-plus, $1.1B AUM, $226M PERS). Covers Q1 2024 performance, portfolio repositioning toward residential/industrial/specialty, and $800M+ in non-strategic asset dispositions since 2023. As of March 31, 2024.
October 2023 board book. Features Private Investments Asset Class Review (Tab 5) and First Reading on Asset Allocation Range Recommendation. Investment update covers real estate at $1.708B (12.02% CAPP) with -3.91% 1-year return. No new real estate commitments listed for that quarter.
Formal Real Estate Asset Class Review (Tab 7) presented by Ethan Hurley CAIA and Rob Samson CFA at the May 22-23 2024 board meeting. Comprehensive presentation covering role/allocation/constraints (CAPP 7-15%, TFIP 0-30%, MSF 0-8%), styles of investing (Core/Core-Plus/Value-Add/Opportunistic/Debt), types of vehicles and managers (allocators/operators/debt managers/REIT managers), deal flow 2018-FY2024 (1,370 sourced, 30 committed), commitment pacing (~$200M/year target), current strategy rationale focusing on US, vertically integrated operators, real estate debt growth, and open-end core reduction.
OCERS annual real estate investment plan for 2025, presented at Mar 7 2025 IC by OCERS staff and Townsend Group. Defines target core and non-core commitment ranges for calendar year 2025. Confirmed in Mar 2025 IC agenda.
Aon investment consultant due diligence memo for Carlyle Realty Partners X, prepared by Chae Hong (Partner, Aon) for the June 13, 2024 Nebraska Investment Council board meeting.
OCERS staff Asset Class Review for Real Estate presented at Mar 7 2025 IC. Reviews market conditions, portfolio strategy, and asset allocation positioning for the real estate allocation.
OCERS annual real estate investment plan for 2024, approved at Mar 20 2024 IC. Presented by Rob Kochis, Felix Fels, Haya Daawi (Townsend) and Stina Walander-Sarkin (OCERS). Includes commitment targets: no new core additions plus $150-$225M non-core (2-4 investments at $50-75M each).
Sweet Grass-Equus II LP approved as new real estate commitment: $100M CAPP/$50M TFIP disclosed in the December 2025 board book (data as of September 30 2025). Successor vehicle to Sweet Grass-Equus LP (committed FY2023). Equus Capital Partners vertically integrated value-add real estate operator.
OCERS staff Asset Class Review for Real Estate presented at Mar 20 2024 IC by Stina Walander-Sarkin. Reviews market conditions, portfolio composition, and strategic positioning for the OCERS real estate allocation.
Formal Real Estate Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the May 20 2026 board meeting. Covers CAPP allocation 7-15% (currently 7.14%), investment constraints, deal flow 2021-March 2026, commitment pacing, types of managers (DRA Advisors as allocator example, Walton Street as debt example), current strategy (continued focus on RE debt growth, vertically integrated operators, reducing open-end core). Investment update (data as of March 31 2026) shows FY2026 commitments: Sterling United Properties Fund I, Sweet Grass-Equus II, Walton Street (2nd). RE at $2.999B total portfolio, 3.33% 1-year pension.
OCERS Year in Review for FY 2023, co-presented with Meketa, Townsend, and Aksia at Mar 20 2024 IC by David Beeson (OCERS), Laura Wirick, Stephanie Sorg (Meketa), Rob Kochis, Felix Fels, Haya Daawi (Townsend), and Trevor Jackson (Aksia).
Crow Holdings Capital GP presentation for Crow Holdings Realty Partners Fund XI LP. Target $3.25B/$4B hard cap. Diversified value-add across industrial, multifamily, retail, manufactured housing, student housing, self-storage. 16% gross / 12-14% net IRR. 125-155 transactions per fund. Top 25 US markets. First close expected March 2026. Portfolio manager Bob McClain (38 years with firm). Presented February 24, 2026.
Callan quarterly performance review for Mississippi PERS real estate portfolio as of December 31, 2025. Covers core (Principal, UBS TPF, JPMCB SPF, TA Realty), core-plus (Invesco US Income Fund, UBS TPG), and non-core (AEW Partners VII-X, Heitman VP IV-VI, Invesco VA Funds IV-VI, TA Associates Realty XII-XIII, Westbrook RE Funds X-XII) managers. Includes US private real estate market outlook.
Callan quarterly performance review for Mississippi PERS real estate portfolio as of June 2024. Real estate returned -0.4% during 2Q, -8.4% fiscal year. Includes capital market assumptions update and asset allocation review with real estate at target 10% policy weight.
Formal Non-Core Fixed Income Asset Class Review presented at the August 23-24 2023 board meeting covering high yield, preferred securities, and emerging market debt strategies. Includes role, allocation, composition, valuation, risk analysis, and performance attribution.
Aon investment consultant memo and due diligence review for Oaktree Real Estate Opportunities Capital Fund IX, prepared for the June 8, 2023 Nebraska Investment Council board meeting.
RVK quarterly performance report as of December 31 2024 in the February 2025 board book. Real estate returned -0.42% QTD, -2.42% 1-year vs -8.04% benchmark. RE private portfolio added 38 bps manager selection. Full asset class performance analysis and peer comparisons.
April 2026 board book featuring RVK Annual Capital Market Assumptions (Tab 4) and Domestic Equity Asset Class Review (Tab 3). Investment update shows real estate at $1.157B in CAPP (6.15%) with 2.73% 1-year return. No new real estate commitments for the quarter. Core real estate expected return revised up in 2026 CMAs.
Aon real estate performance and capital pacing review presented by Chae Hong, Partner at Aon, to the Nebraska Investment Council at the March 7, 2024 board meeting. Covers NIC real estate portfolio performance and pacing plan.
Bell Value-Add Fund VIII LP approved as new $50M CAPP real estate commitment disclosed in the February 2023 board investment update. Bell Partners is a Greensboro NC-based multifamily operator/manager with a series of value-add apartment funds.
RVK quarterly performance report as of March 31 2026 and 2026 Annual Capital Market Assumptions (Tab 4) in the May 2026 board book. Core real estate expected return revised to 5.77% (up 0.25% from 2025). Real estate returned 1.17% QTD, 3.33% 1-year vs 2.92% benchmark. All benchmarks except real estate provided positive contributions to pension's policy-neutral 11.31% return.
RVK quarterly performance report as of December 31 2025 in the February 2026 board book. Real estate returned 0.34% QTD, 2.82% 1-year vs 3.19% benchmark. RE private portfolio primary driver of 31 bps outperformance. Real assets at +6.05% 1-year pension (+26.49% benchmark). Full CAPP performance attributed across all asset classes.
Formal Real Assets Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the June 4-5 2025 board meeting (data as of March 31 2025). Covers CAPP (3-9%), TFIP (0-6%), MSF (0-6%) allocation constraints, composition (TIPS 2.7%, commodities, infrastructure, international 9.7%), real assets deal flow, commitment pacing, investment process, and current strategy. New commitment: Ecosystem Investment Partners Fund V LP ($50M CAPP). Real assets at $1.084B pension (6.25% CAPP), 1-year +6.64% pension.
June 2025 board book investment update (data as of March 31 2025) showing FY2025 real estate commitments: Walton Street Real Estate Debt Core Fund LP, NewCold Fund III LP, CPF – Rosebud Ventures LLC. RVK performance report also included. Real estate at $1.102B in CAPP (6.33%), +0.31% 1-year vs -2.27% benchmark.
August 2025 board book investment update (data as of June 30 2025) listing FY2025 real estate commitments including new addition: Blue Owl Real Estate Capital Fund VII LP ($50M CAPP/$50M TFIP). Also shows Non-Core Fixed Income Asset Class Review (Tab 6) and Real Assets Asset Class Review (Tab 6 – Real Assets). Real estate portfolio at $966M in CAPP, +1.47% 1-year pension.
October 2025 board book covers Private Investments Asset Class Review (Tab 4) and First Reading on Asset Allocation Range Recommendation. Investment update (data as of September 30 2025) shows real estate at approximately $1.7B total with no new real estate commitments for the quarter. New Private Investments pacing discussion.
NewCold Fund III LP approved as new $50M CAPP real estate commitment disclosed in the November 2024 board book (data as of September 30 2024). NewCold is a global cold storage/temperature-controlled logistics real estate operator. Fund invests in institutional-grade cold chain warehouse facilities.
RVK quarterly performance report as of June 30 2025 in the August 2025 board book. Real estate returned 0.59% QTD, 1.47% 1-year vs 1.17% benchmark. All benchmarks except real estate provided positive contributions to pension's policy-neutral 10.75% return. Private RE portfolio and CMBS manager added 27 bps.
May 2024 board book investment update (data as of March 31 2024) showing FY2024 new real estate commitments: Oak Street Real Estate Capital Fund VI LP. FY2025 new commitments Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Real estate portfolio at $2.528B total with -5.15% 1-year pension return vs -12.73% benchmark. Allocation 40.82% Core/Core-Plus, 35.40% Non-Core, 17.38% debt.
October 2024 board book covers Private Investments Asset Class Review (Tab 4-5), First Reading on Asset Allocation Range Recommendation, and CEM cost benchmarking. No new real estate commitments listed for the period. Real estate at approximately $1.725B in CAPP.
RVK quarterly performance report as of September 30 2024 in the November 2024 board book. Real estate at 0.63% QTD, -2.43% 1-year vs -9.99% benchmark. RE private portfolio and CMBS manager added 37 bps of positive manager selection. Full CAPP, TFIP performance analysis.
RVK quarterly performance report as of June 30 2024 in the August 2024 board book. Real estate returned -4.16% 1-year vs -12.00% benchmark for pension. RE private portfolio and CMBS manager added positive selection effects of 46 bps. Includes full CAPP/TFIP performance analysis and peer comparisons.