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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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DPFP staff discusses Clarion's possible sale of CCH Lamar at May 2024 board meeting. Same agenda as AEW Portfolio Review. Potential CCH Lamar disposition part of ongoing legacy real estate wind-down strategy.
Meketa Q3 2025 Investment Performance Analysis and Q2 2025 Private Markets Review embedded in December 2024 board book alongside AEW Capital Management Update. Covers full real estate portfolio performance including AEW separate account wind-down.
Albourne Q4 2025 Private Markets Review for DPFP, presented at May 2026 board meeting. Full-year 2025 real estate review; AEW Camel Square exited Q2 2025. Private equity and private credit pacing plans noted with 4-6 new private markets commitments anticipated.
IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for ECP (Energy Capital Partners) Fund Series. Closed-end drawdown fund making value-added control investments in electrification, energy transition, decarbonization and sustainability-linked infrastructure. Targets power generation, renewables, battery/energy storage, environmental clean-up, recycling, waste management primarily in North America. Excludes oil/gas E&P and traditional midstream. Firm AUM $19.9B. Product AUM $14.7B. Fund inception 2005. Employee-owned with passive third-party stake.
IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Morgan Stanley Investment Management North Haven Infrastructure Partners IV (NHIP IV). Invests in private infrastructure assets in OECD countries targeting off-market opportunities including carve-outs, privatizations, undermanaged assets, platform assets. Firm AUM $1.5T (NYSE: MS). Product AUM $17B. Fund inception 2008. Approved for 2-3 bench managers.
IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Stonepeak Infrastructure Fund Series. North America fund series: high-quality, defensive critical infrastructure primarily in North America; core-plus with occasional build-to-core assets across transportation, energy transition and communications. SOF series: middle market infrastructure (digital, transport/logistics, energy transition, social). OECD countries, primary focus North America and Europe. Firm AUM $65.1B as of 12/31/23. Product AUM $34.7B. Fund inception 2012. Approved as bench manager.
D.B. Fitzpatrick annual presentation on the Idaho Commercial Mortgage Program (CMP) managed on behalf of PERSI since 1988. Covers Idaho-only commercial mortgage strategy ($~1B), underwriting standards, market outlook, portfolio composition (270 loans), and portfolio delinquency/performance data. Presented by Brandon Fitzpatrick (CEO) and Casey Macomb (Portfolio Manager).
Callan annual review of PERSI real estate portfolio covering AEW separate account (private RE), PGIM PRISA open-end core fund, and Adelante active REIT manager. Includes market overview, performance benchmarking against NCREIF ODCE, and manager recommendations.
IPERS revised Private Markets Investment Policy Statement presented for review at September 2023 meeting by Bill Bemis and Kris Rowley (Board subcommittee). Effective October 1, 2023. Covers private equity, private credit, and private real assets portfolios. For real estate: core RE minimum 80% of RE portfolio; non-core max 20%. RE leverage limits: 40% portfolio, 50% property (core), 60% property (non-core). No single RE investment >0.5% total fund value; no >20% interest in any commingled fund. Return objective: exceed NCREIF ODCE, net of fees, over rolling 10-year periods. Includes investment descriptions for permitted real estate types including core, non-core, and market-driven opportunities.
Callan review of the Idaho Commercial Mortgage Program (CMP) managed by D.B. Fitzpatrick and Co. (DBF). Covers DBF organizational overview, CMP program structure, Idaho commercial real estate market, portfolio composition (multifamily, industrial, office, retail, medical office, hotel), and performance vs Bloomberg MBS Index.
DPFP staff discusses Clarion's possible sale of CCH Lamar at March 2024 board meeting. AEW Portfolio Review deferred to April board meeting. RE Clarion CCH Lamar potential $2M commitment noted for capital improvements.
AEW Capital Management (Ron Pastore) presents to DPFP Board on RCH (RED Consolidated Holdings) and Camel Square at May 2023 board meeting. $40M in distributions YTD from AEW portfolio. Annual presentation on status and liquidation plans.
Meketa Investment Group 2022 Private Markets & Real Assets Review presented at July 2023 board meeting. Reviews DPFP's extensive legacy private real estate portfolio (AEW Capital Management at 13.4% of private markets, Clarion Partners also active). Context for new private markets pacing plan.
AEW Capital Management (Ron Pastore) presents annual portfolio update to DPFP Board on RCH and Camel Square (Phoenix). AEW took over management from CDK in February 2015; RCH holds operating retail/mixed-use properties primarily in Southwest US.
DPFP investment staff presents comparison of Meketa vs. Albourne for private markets specialty consulting services (2022 Private Markets Review context). Board evaluates candidates, ultimately selecting Albourne as private markets consultant (contract began July 2024). Real Estate at $159M current vs. $97M target; pacing plan for 3-4 new commitments/year contemplated.
Callan quarterly executive summary through September 30, 2025. Fund at $14.7 billion. Full RE portfolio table: Prudential PRISA Real Estate ($254.5M), Artemis Income & Growth Fund ($45.1M), Artemis Income & Growth Fund II ($12.5M), Artemis RE Fund IV ($11.1M), Basis Real Estate Fund II ($19.9M), Brasa RE Fund III ($4.3M), Clarion Lion Industrial Trust ($175.1M), LaSalle Income & Growth Fund VI ($3.4M), LaSalle Income & Growth Fund VIII ($18.1M), Mesirow RE Value III LP ($32.7M), Mesirow RE Value IV LP ($31.7M), Mesirow RE Value V LP ($18.5M).
Clarion Partners (Bohdy Hedgcock, Kevin McCabe) provides CCH Lamar portfolio update; CCH Lamar is an investment in the Cedars neighborhood of Dallas. Clarion engaged October 2015 to manage DPFP's interest in several Dallas-area real estate assets.
DPFP staff memo recommending $15M in new private credit manager commitments, approved by the Board. Program reflects pacing plan with Real Asset/Real Estate Credit at 20% target of the private credit allocation (10%-30% range). Marks DPFP's first new private markets commitments in several years.
DPFP investment staff and Albourne present Private Credit Strategic Review and Pacing Plan at March 2025 board meeting. Includes real asset/real estate credit strategy analysis; RE credit target 20% (10-30% range) within private credit allocation. Continuation from February 2025 Albourne presentation.
AEW Capital Management (Mark Morrison, Sarah Cassidy) updates the DPFP Board on its separate-account management of RED Consolidated Holdings (RCH), a 50/50 JV with RED Development (Phoenix-based retail/mixed-use operating company), and on the wind-down of Camel Square (exited Q1 2025). AEW has managed since February 2015. Real estate NAV ~$152M at the time of the meeting.
Callan quarterly executive summary through June 30, 2024. Fund at $13.3 billion. Features manager alerts for J.P. Morgan Strategic Property Fund (redemption request filed, ~$240M invested due to personnel changes) and LaSalle Investment Management Income & Growth Funds VI & VIII (~$26M). Non-core RE emerging manager RFP results discussed.
IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Macquarie Infrastructure Partners VI (MIP VI). Closed-end fund seeking equity investments in infrastructure and infrastructure-related assets predominantly in U.S. and Canada. Targeted sectors: transportation, waste management, digital, utilities/energy, social infrastructure. Firm AUM $611.7B (subsidiary of Macquarie Group, ASX: MQG). Product AUM $26.2B. Fund inception 2006. Approved for 1-2 allocations.
AEW Capital Management (Ron Pastore) presents to DPFP Board covering RCH (only remaining CDK-era investment, $49.3M distributions since 2022 from land sales) and Camel Square (15.5-acre Phoenix site, ~$69M total distributions to DPFP since 2019, nearly fully wound down). Last AEW presentation was November 2023.
AEW Capital Management (Ron Pastore, Mark Morrison) updates DPFP Board on RED Consolidated Holdings (RCH) portfolio management and plans. Real Estate at ~13.1% of total portfolio ($241M NAV vs. 5% IPS target), with liquidation a priority.
DPFP staff discusses Clarion's possible sale of CCH Lamar (Cedars neighborhood Dallas) at June 2024 board meeting alongside Meketa Q1 2024 performance report. Board went into closed executive session – Real Estate to discuss potential sale.
PERSI CIO Richelle Sugiyama memo introducing the 2023 annual review of the real estate program. Presenters: Callan (Sally Haskins, Jonathan Gould), AEW (Michael Byrne, Patrick McLaughlin), and D.B. Fitzpatrick (Brandon Fitzpatrick, Casey Macomb). Reviews AEW separate account, PGIM PRISA core fund, Adelante REIT, and Idaho Commercial Mortgage Program (CMP).
AEW Capital Management (Ron Pastore, Mark Morrison) presents Real Estate Overview/Portfolio Update at December 2023 board meeting. $68M in distributions received YTD (majority from AEW Camel Square and JPM). AEW Camel Square distributions of $8.3M and RCH Notes of $5.2M detailed.
NEPC's full quarterly performance report covering the period ending September 30, 2024. Includes FCERA's total real estate allocation of $512.9M (7.4% of portfolio). Core open-end holdings: Invesco Core Real Estate (~$56.9M) and Harrison Street Core Property Fund ($153.2M). Closed-end portfolio (1-quarter lagged as of June 30, 2024): Ares US RE Fund X (v.2021, $30M committed), Ares US RE Opportunities Fund III (v.2019, $30M), Gerding Edlen Green Cities III (v.2016, $40M), Invesco RE US Fund VI (v.2022, $75M), Invesco US Value-Add Fund V (v.2019, $50M), Kennedy Wilson RE Fund V (v.2016), Kennedy Wilson RE Fund VI (v.2022), Oaktree RE Opp Fund VIII (v.2019, $20M), PCCP Equity IX (v.2020, $30M). Total closed-end commitment: $400M. RE policy target 8.0% (range 0–21%). Total fund AUM ~$6.9B.
Albourne presents Private Credit Pacing Plan continuation at May 2025 board meeting, with real asset/real estate credit at 20% allocation (10%-30% range). Possible new private credit commitments discussion ($15M approved in June 2025 includes RE credit component).
US farmland separate account managed by UBS Farmland Investors LLC (UBS Realty subsidiary). ARMB invested since 2004. Portfolio of row crops and permanent crops across major US agricultural regions. Presentation covers portfolio review, market outlook, and performance vs. NCREIF Farmland Index.
ARMB Board approved Notice of Intent to Award new Real Assets Consultant contract to Callan LLC (RFP 24-003) at June 2024 meeting. Contract effective 7/1/2024. Represents continuation of Callan's real assets consulting relationship with ARMB (contract start in 2019).
Callan quarterly performance measurement through 3Q2024. Includes real assets performance section. Meeting summary notes real estate showing signs of stabilization; FY2024 reporting errors were addressed in this meeting.
Staff FY2026 Real Assets Annual Investment Plan presented by SIO Stephen Sikes. Includes portfolio updates: $50M commitment to Sculptor Real Estate Fund V, Walton Street and Heitman funded, $75M commitment to GIP V. FY2026 plan recommends reducing farmland (20%→18%) and timber (10%→7%) targets while increasing non-core RE (5%→7%) and infrastructure (20%→23%).
Monthly transaction report disclosing: Jadian Real Estate Fund II ($150M, second series closed-end opportunity fund, Jadian Capital LLC, new relationship); Jadian RE Fund II Co-Investment ($100M sidecar); Kayne Anderson Real Estate Partners VII ($250M, opportunistic closed-end); Bell Growth & Income Fund ($300M, core-plus closed-end multifamily).
Fund financial reporting section of September 2024 board packet. Real estate portfolio detail includes: BlackRock US Core Property Fund ($28.3M), UBS Realty ($463.5M), Almanac Realty Securities V/VII/VIII/IX, KKR REPA I/II/III, and real assets totaling $1.1B. Covers beginning/ending NAV, contributions, withdrawals.
Board action adopting revised Real Assets Investment Guidelines (Resolution 2024-14) to add real estate debt as a formal category and establish the new 5% non-core real estate target allocation. Embedded in September 2024 board packet.
ASRS staff real estate quarterly report and 2026 implementation plan at the March 26, 2026 IC meeting (857-page packet). RE at $8.224B / ~13% of total fund as of December 31, 2025, below 15% SAAP target. Reports IRR of -1.85% / 3.19% / -6.15% / 2.59% / 4.13% / 5.10% (1Q/3Y/5Y/10Y/incep). Multiple RE manager recommendations including $200M and $100M SMA commitments.
ASRS staff real estate asset class section within the May 22, 2025 Board meeting packet (465 pages). RE at 17.45% of total fund as of December 31, 2024. Reports -5.93% 1-year TWR vs benchmark 0.00% (absolute). Notes RE is expected to reach 17% SAAP target by mid-2025. Includes RE manager recommendations approved by IC.
Annual update on J.P. Morgan Strategic Property Fund (core open-end, NFI-ODCE). Presented by Jason Curran and Jeff Shields. Covers portfolio repositioning, sector allocation, and performance. Fund was removed from ARMB watchlist per Resolution 2025-18.