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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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Monthly transaction report disclosing: NY affordable housing mortgage at 1770/1774/1786 Main St and 1040 Lafayette Ave Buffalo NY ($3.2M, 17-unit mixed-use renovation with Community Preservation Corp).
ASRS staff real estate asset class section within the August 28, 2025 Board meeting packet (243 pages). RE at 17.7% of total fund ($10.04B) as of March 31, 2025, above new 15% SAAP target. Reports 0.18% 1-year TWR. Includes consent items for RE manager recommendations. Notes active portfolio management approach to achieve target allocation.
Disclosure of $75M ARMB commitment to Heitman Real Estate Debt Partners III (closed-end, targeting 10-12% net return) executed September 2024. Included in Real Assets Annual Plan presentation. Heitman REDP III is a higher-return real estate debt strategy vs. Walton Street's open-end core approach.
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.
ASRS staff compliance section at the March 26, 2026 IC meeting reporting on RCLCO annual RE separate account investment compliance review results for 2024 cycle and status of 2025 cycle, plus Meketa's annual review of commingled fund investments. Notes any compliance findings from RE SMA managers.
Callan quarterly performance measurement report through 2Q2025. Includes total fund, real assets and real estate performance attribution sections. Notes private real estate signs of recovery and strong REIT performance.
ASRS staff report on Meketa Investment Group's annual compliance review of non-real-estate separate accounts and commingled fund investments (including any commingled RE vehicles). Meketa reviews this subset while RCLCO handles RE separate accounts. Reported within the December 17, 2025 IC meeting packet.
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 IFM Global Infrastructure Fund by Julio Garcia, May Soh, and Campbell Moss. Covers fund strategy, portfolio diversification across energy, transport, and utilities, and performance. IFM manages US$153B in infrastructure FUM as of June 2025.
ASRS staff real estate section within the February 26, 2026 Board meeting packet (148 pages). RE at $9.496B / 15.34% of total fund as of September 30, 2025. Reports IRR of -0.28% / 2.67% / -6.21% / 2.54% / 4.42% / 5.14% (1Q/3Y/5Y/10Y/incep). Includes consent items for RE manager recommendations. Notes RE absolute returns below actuarial assumption.
ICM packet for June 3 2026 containing a comprehensive staff review of ACERA's delegated authority for all alternative asset classes, prepared per IC Chair Gamble's April 2026 request. The memo includes a full historical log of all IC and staff-delegated investments since 2020, covering all real estate, real assets, private equity, private credit, and absolute return commitments. Lists real estate commitments including: Clarion Partners Lion Industrial Trust ($43M core 2022), PGIM Real Estate US Debt Fund ($30M 2024), Heitman Value Partners VI ($50M 2024), Starwood Distressed Opportunity Fund XIII ($30M 2024), Artemis Healthcare Fund III ($30M 2025), and upcoming real estate core search placeholders.
RCLCO (Cyndi Thomas, Managing Director) presents 2025 RE Asset Class Implementation Plan at October 1, 2025 IC meeting. Covers RCLCO certification process for new RE assets, capital calls and distributions, target returns by sub-strategy, conviction levels, value-enhancement strategies, and potential tariff disruption impact. Called vs. committed capital discussion ensued.
ASRS staff and NEPC presentation on the 2025 Asset-Liability Study and updated Strategic Asset Allocation Policy (SAAP). RE target allocation revised to 15% (from 17%) as part of the new SAAP. Includes RCLCO capital market assumptions for RE. Presented at March 26, 2025 IC meeting as a proposed action item.
Real estate debt strategy investing primarily in high-yield CMBS (non-agency). Strategy exploits inefficiencies in CMBS capital structures. Placed on watchlist Dec 2021. 6/30/23 NAV $196.8M. Benchmark: Bloomberg CMBS ex-AAA Index. Manager gross: -0.01% quarter, -3.80% 1-year. Presentation includes credit team overview and CMBS market analysis.
ICM packet for June 3 2026 containing Callan's semiannual real estate portfolio performance measurement report for the period ending December 31 2025. Shows ACERA's RE portfolio at $816.6M (5.82% of total fund) versus 8.2% target. Also includes NEPC reviews of private equity, private credit, real assets, and absolute return for the same period, plus a delegated authority policy review covering all alternative asset classes.
Real estate debt strategy investing primarily in high-yield credit CMBS (conduit and single-borrower). Strategy exploits inefficiencies in CMBS capital structures. 6/30/25 NAV $157.6M. Benchmark: Bloomberg CMBS ex-AAA ex-Agency Guaranteed Index. Presentation covers CMBS market spread conditions and portfolio positioning.
ASRS staff compliance section at the December 17, 2025 IC meeting reporting on RCLCO annual RE separate account investment compliance reviews for 2023 and in-progress 2024 review, plus Meketa's annual non-RE separate account and commingled fund compliance reviews. Summarizes findings and any identified compliance issues.
Annual timberland separate account portfolio review. Covers timber market conditions, harvest and land activity, and performance vs. NCREIF Timberland Index. Presentation by TIR's Tom Johnson and Chris Mathis.
ASRS staff report on the 2022 annual compliance review cycle for real estate separate accounts. RCLCO performs compliance review for RE separate accounts; Meketa Investment Group reviews commingled funds and non-RE separate accounts. Presented within the October 4, 2023 IC meeting packet.
Staff FY2025 Real Assets Annual Investment Plan. Presented by SIOs Stephen Sikes and Robyn Mesdag. Includes real estate debt search results (Walton Street and Heitman selected), core real estate strategy (discontinuing wind-down of UBS SA), and new non-core RE target allocation of 5%. Board approved Resolution 2024-13.
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.
NEPC quarterly investment market environment report and independent oversight section within the March 26, 2025 IC meeting packet. Covers capital markets, asset allocation review, and performance through Q4 2024. Also includes NEPC's section on the concurrent ASRS Asset-Liability Study discussion.
ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 25, 2024 IC meeting. Active SMA managers as of Q1 2024: Mill Creek Residential ($2.26B), Related Fund Management ($1.26B + $2.20B), Westcore Industrial ($0.55B), Blackstone RE ($0.40B), Intermediate Capital Group ($710M RE debt). RCLCO co-recommends.
ASRS staff real estate quarterly report at the December 17, 2025 IC meeting. RE at $9.496B / 15.34% of total fund as of September 30, 2025, slightly above new SAAP target of 15%. Reports IRR of -0.28% (3-month), 2.67% (3-year), -6.21% (5-year), 2.54% (10-year), 4.42% (inception). Includes consent items for RE manager recommendations and annual compliance review reporting.
Monthly transaction report disclosing: City Logistics via Clarion Separate Account ($85.5M, 300,726 sf industrial warehouse park Baltimore MD).
Monthly transaction report disclosing: GID Mainstay In-Kind Fund ($300M, Class B multifamily US, GID Multifamily Investment Management); Asana Partners Fund IV ($200M, value-add neighborhood retail/mixed-use in urban US); Blue Owl Real Estate Fund VII ($300M, closed-end net-leased RE backed by investment-grade tenants); Blue Owl RE Co-Invest (N) ($100M sidecar); multiple NY affordable housing mortgages in Geneva, Camillus, Albany.
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.
ASRS staff real estate quarterly report at the June 25, 2024 IC meeting. RE at 19.2% of total fund ($10.5B) as of March 31, 2024, with SAAP target 17%. Reports 1-year RE return of -4.01% vs benchmark -12.73%. Key managers: Mill Creek Residential ($2.26B), Related Fund Management ($1.26B + $2.20B), Westcore Industrial ($0.55B), Blackstone RE ($0.40B), Intermediate Capital Group ($710M). Presented by Micheal Copeland.
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 memoranda seeking IC approval of multiple RE manager recommendations at the March 26, 2026 IC meeting, including commitments of $200M and $100M to SMA relationships. At least four separate RE recommendations appear as consent or action items. Extension consultant RCLCO co-recommends each manager.
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.
Timberland separate account manager review. TIR employs active timber and land management. ARMB invested since 2008. Presentation covers timberland portfolio review including market conditions, harvest activity, and performance vs. NCREIF Timberland Index.
Callan FY2027 asset allocation recommendations and capital market assumptions. Real assets at 14% target with real estate (core 4.2%, non-core 0.98%, debt 0.70%) and alternatives (farmland, timber, infrastructure). Board approved Resolution 2026-03.
Callan FY2026 asset allocation recommendations and capital market assumptions. Real assets modeled at 14% with components including core real estate, non-core real estate, real estate debt, farmland, timberland, and infrastructure. Board approved Resolution 2025-09 asset allocation.
Callan asset-liability study and FY2025 asset allocation analysis. Includes real assets modeled at 14% target allocation with breakdowns across real estate (core, non-core), farmland, timberland, and infrastructure. Board approved Resolution 2024-02 asset allocation.
Callan quarterly performance measurement report through 2Q2024. Includes real assets performance review with private real estate, farmland, timberland, infrastructure sections and comparison vs. benchmarks and peer public funds.
Callan quarterly performance measurement report through 2Q2023. Includes real assets performance review section covering private real estate (NFI-ODCE), farmland, timberland, infrastructure, and REITs vs. benchmarks and peers.
Callan annual Real Assets plan and performance review by Jonathan Gould. Covers ARMB real assets portfolio performance through 2Q2025, real estate market recovery, and FY2026 strategic plan recommendations including target allocation changes across real estate, non-core RE, infrastructure, farmland, and timber.
Open-end real estate debt core fund targeting attractive risk-adjusted returns with significant downside protection through senior secured lending. ARMB committed $75M in Aug 2024; 6/30/25 NAV $32.2M. Presentation covers fund strategy, integrated equity-debt platform, and portfolio construction.
Annual timberland separate account portfolio review presented by Tom Johnson, Chris Mathis, and Hong Fu. Covers timberland market conditions, portfolio performance vs. NCREIF Timberland Index, and harvest and land management activity.
Callan annual Real Assets plan and performance review by Jonathan Gould. Covers ARMB real assets portfolio performance through 2Q2024, capital market assumptions for real estate, farmland, timber and infrastructure, and strategic plan recommendations.
Annual update on UBS Farmland Investors separate account. Dan Murray presenting. Covers US farmland market conditions, portfolio performance, and outlook. ARMB farmland AUM $1.09B as of 6/30/25.
Open-end core infrastructure fund managed by J.P. Morgan Asset Management. Presentation by Nick Moller and Jeff Shields covering fund strategy, portfolio composition, and performance.
Core real estate separate account managed by UBS Realty Investors LLC. Top-down/bottom-up acquisition approach against NFI-ODCE benchmark. ARMB invested since 1998; 6/30/24 NAV $463.5M. Manager gross 0.19% quarter, -5.19% 1-year. Presentation covers portfolio composition, market research, and performance.
Open-end core US commingled real estate fund targeting NFI-ODCE benchmark. Acquires high-quality buildings across four main property types. Fund NAV $2.1B as of 6/30/24. ARMB invested since 2018; NAV $312.5M. Presentation covers portfolio positioning, market recovery outlook, and sector strategy.
Closed-end real estate company-level fund series (ARS V, VII, VIII, IX). Follows focused investment mandate of making private placements of debt and equity capital into private and public real estate companies. AUM $3.3B. ARMB invested in ARS IV–IX since 2004; 6/30/24 total NAV ~$77M. Target net IRR 12%+, 1.5x–1.75x TVPI.
Callan Real Assets consulting team (Jonathan Gould, Avery Robinson) annual plan and performance review. Covers ARMB real assets portfolio performance through 2Q2023, market conditions across real estate, farmland, timberland and infrastructure, and plan recommendations.
Open-end core global infrastructure fund. ARMB invested since 2015. Presentation covers fund strategy, portfolio overview, and performance. IFM GIF focuses on long-term core infrastructure assets including airports, ports, toll roads, and utilities.