Fund Universe Library

Staff presentation by SIOs Stephen Sikes and Robyn Mesdag covering the FY2024 Real Assets Annual Investment Plan. Includes strategic recommendations across real estate, farmland, timberland, and infrastructure. Board approved Resolution 2023-12 adopting the plan.

Core-plus multifamily separate account focused on high-barrier-to-entry US markets. Covers US multifamily market update, account update, and performance vs. NFI-ODCE benchmark. ARMB invested since 2000; 6/30/2023 NAV $283.8M. Manager gross -1.73% last quarter, -7.29% 1-year.

Opportunistic Americas real estate equity strategy (REPA I/II/III). Thematic approach focusing on sectors with sourcing and execution advantage. ARMB committed to REPA I, II, and III; 6/30/23 total NAV $36.6M across three vintages. Presentation covers strategy positioning, portfolio update, and market outlook.

TPG Angelo Gordon full GP presentation to VPIC for Realty Value Fund XII, the firm's value-add real estate flagship (12th in series, AUM ~$99B total / ~$20B real estate). Strategy targets middle-market US real estate under $150M cap with ~100 local operating partners, focusing 60% on residential/industrial and ~25-30% alternatives (self-storage, student, senior, MOB). Committed $50M approved at March 2026 meeting.

RVK combined 2026 pacing study covering private equity, non-core real estate, and private credit for VPIC. Non-core RE section recommends $100M/year for 2026-2030 (up from $70M) to reach 4% target from 2.4% current allocation. Portfolio shows Siguler Guff DREOF II, Blue Vista RE Partners V, Brookfield SREP III, Hammes Fund IV, AG Realty XI, Harrison Street X as active holdings.

RVK tear sheet for TPG AG Realty Value Fund XII, value-add real estate strategy. $3B/$4B target fund size. TPG Angelo Gordon ($99B AUM, ~20% in real estate) targeting middle-market US assets under $150M total cap across residential, industrial, and alternatives. 12-14% net IRR target. First close March 2026.

Monthly transaction report disclosing: WCP NewCold Fund N ($200M, co-invest sidecar alongside WCP NewCold III, Westport Capital Partners); NY affordable housing mortgages in Rome NY and Ovid NY.

Monthly transaction report disclosing: The Colburn via Heitman Separate Account ($120.5M, 300-unit multifamily Orlando FL); Brookfield Strategic Real Estate Partners V-B ($375M, global opportunistic focused on high-quality RE assets, existing relationship). Real assets: Sustainable Asset Fund IV by Vision Ridge Partners ($150M).

Monthly transaction report disclosing: Seattle Gateway I & II via LaSalle Separate Account ($88.1M, two-building Class A industrial 458,707 sf Seattle WA); Artemis Real Estate Partners Healthcare Fund III ($300M, healthcare-related real estate, existing relationship). NY affordable housing mortgage Buffalo NY ($23.4M).

Monthly transaction report disclosing: Bridge Logistics Properties Develop-to-Core Fund ($600M, develop-to-core industrial portfolio in selected US markets); Santal Thousand Oaks via BlackRock Separate Account ($83M, 142-unit Class A multifamily Thousand Oaks CA); Alexan Memorial via MetLife Separate Account ($97.5M, 356-unit Class A multifamily Houston TX). NY affordable housing mortgages in Buffalo.

Monthly transaction report disclosing: Brookfield Strategic Real Estate Partners V Co-Invest (N) ($125M, co-investment fund alongside BSREP V, Brookfield Asset Management).

Monthly transaction report disclosing: RFM-NYSCRF Affordable Housing Fund ($400M, domestic affordable housing fund-of-one by Related Fund Management, new relationship); Riverbank Apartments via JP Morgan Separate Account ($243.5M, 418-unit 44-story Manhattan West Side); Big Sky MOB via Heitman Separate Account ($49M, five-building medical office portfolio in 5 US markets).

Monthly transaction report disclosing: NY affordable housing mortgage at 3/6/15/18 Crescent Way Trumansburg NY ($2.1M, 46-unit renovation with Community Preservation Corp). No major fund closings in real estate.

Monthly transaction report disclosing: Oaktree Real Estate Opportunities Fund IX ($200M, broad-based opportunistic); BentallGreenOak Asia (USD) IV ($300M, closed-end pan-Asian fund); Manor in Plantation via Clarion Separate Account (197-unit apartment Fort Lauderdale FL); Cubes at Glendale-Building B via BlackRock Separate Account ($128.1M, 1.2M sf industrial Glendale AZ); KKR REPA IV Co-Investment ($150M sidecar). Infrastructure: Hull Street Energy Partners III ($250M).

ASRS staff memo and consent items at the May 22, 2025 Board meeting seeking approval for 2025 RE asset class implementation plan and multiple RE manager recommendations. Summarizes IC-approved RE SMA commitments, capital call/distribution pacing, and extension consultant (RCLCO) recommendation for new or renewed SMA relationships.

Monthly transaction report disclosing: Star Lake Opportunity Fund V ($300M, JPMorgan Asset Management, residential and industrial assets in primary/secondary markets); affordable housing mortgage at 25 Delaware Ave Albany NY ($1.9M).

ASRS staff memorandum within the February 26, 2026 Board meeting packet recommending Board ratification of an IC-approved RE manager recommendation involving Mill Creek Residential as SMA manager. Part of the consent agenda. Mill Creek ($2.26B+ in ASRS portfolio) focuses on multifamily development and value-add across national markets.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the December 17, 2025 IC meeting, including a $100M SMA commitment and at least two additional RE manager recommendations. Extension consultant RCLCO co-recommends each SMA relationship.

Monthly transaction report disclosing: Principal Data Center Growth & Income Fund ($300M, closed-end fully pre-specified data center fund); Carlyle Realty Partners X ($400M, opportunistic closed-end fund continuation of series); Alta Oxbow via BlackRock Separate Account ($98.4M, 218-unit Class A apartment Wayland MA).

NEPC quarterly investment market environment and independent oversight section within the August 28, 2025 Board meeting packet. Covers capital markets through Q1 2025, asset class positioning against SAAP targets, total fund performance, and investment compliance monitoring. Includes private real estate allocation benchmarked at 15% with range 11-19%.

ASRS staff real estate quarterly report and 2025 implementation plan at the March 26, 2025 IC meeting (199-page packet). RE at 17.45% of total fund ($9.9B) as of December 31, 2024, above SAAP target of 17%. Reports consistent benchmark outperformance since inception. Includes 2025 RE asset class implementation plan.

RCLCO Fund Advisors (RFA) 2025 Real Estate Asset Class Implementation Plan presented at the March 26, 2025 IC meeting. Taylor Mammen (CEO, RFA) presents strategy conviction levels, pacing study, target returns by sub-strategy, capital deployment schedule, and SMA manager pipeline for 2025. Action item: board approval of proposed 2025 RE implementation plan.

NEPC quarterly investment market environment and independent oversight section in the May 22, 2025 Board meeting packet. Covers capital markets through Q1 2025, total fund performance attribution, asset class positioning, and compliance monitoring including RCLCO annual compliance review status.

Monthly transaction report disclosing: Apex Commerce Center via LaSalle Separate Account ($43.6M, 233,818 sf industrial Raleigh NC); Exchange Circle via JP Morgan Separate Account ($70.3M, 316,000 sf industrial buildings Dallas TX). Real assets: Oaktree Power Opportunities Fund VII ($250M).

RCLCO Fund Advisors (RFA) real estate advisory section within the December 17, 2025 IC packet. Taylor Mammen (CEO, RFA) as extension RE consultant. Covers RE portfolio positioning, SMA manager conviction, market conditions as of Q3 2025, and compliance review findings from RCLCO (RE separate accounts) and Meketa (commingled funds/non-RE separate accounts).

Monthly transaction report disclosing: EQT Exeter European Logistics Value Fund V (€150M, high-quality industrial logistics in select European markets, existing relationship). Real assets: Stonepeak Global Renewables Fund II ($243.5M + $80M co-invest), DIF Infrastructure VIII (€250M), DIF Value-Add IV (€250M).

NEPC quarterly investment market environment and independent oversight section within the December 17, 2025 IC meeting packet. Covers capital markets through Q3 2025, total fund performance, asset class risk monitoring, and compliance status.

NEPC quarterly investment market environment and independent oversight section within the February 26, 2026 Board meeting packet. Covers capital markets through Q3 2025, total fund performance attribution, strategic asset allocation monitoring (RE target now 15% with 11-19% range), and compliance oversight.

RCLCO Fund Advisors (RFA) real estate advisory section within the June 25, 2024 IC packet. Taylor Mammen (CEO, RFA) as extension RE consultant. Discusses cap rate increases of 25-50bps in Q4 2023 appraisals, slowing rent growth, construction debt at 10.5-11%, transaction volume at multi-year lows, and cautious approach to new SMA opportunities.

NEPC quarterly investment market environment and independent oversight section within the March 26, 2026 IC meeting packet. Covers capital markets through Q4 2025, total fund performance, real estate allocation monitoring against 15% SAAP target, and compliance status.

RCLCO annual real estate separate account investment compliance review summary for the 2022 cycle, reported at the October 4, 2023 IC meeting. RCLCO reviews all RE separate account investments against ASRS investment policy statement parameters. Meketa Investment Group separately reviews commingled fund investments and non-RE separate accounts.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the October 4, 2023 IC meeting. Confirmed active SMA managers include Mill Creek Residential, Related Fund Management, Westcore Industrial Properties, and Intermediate Capital Group in RE debt. All presented by Micheal Copeland with co-recommendation from RCLCO.

ASRS staff memoranda within May 22, 2025 Board packet seeking Board ratification of IC-approved RE manager recommendations, including multiple SMA commitments and the 2025 RE implementation plan approval. Extension consultant RCLCO co-recommends each SMA. At least three RE manager recommendations bundled in this Board meeting consent agenda.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 28, 2023 IC meeting. SMA manager relationships bundled in consent agenda, co-recommended by RCLCO as extension consultant.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the October 1, 2025 IC meeting. The October 2025 meeting agenda includes the 2025 RE Implementation Plan approval action item, with committee meetings having approved prior manager recommendations and implementation plans in the preceding period.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the March 26, 2025 IC meeting, including Tricon Residential (single-family rental SMA). Extension consultant RCLCO co-recommends each manager. Multiple SMA recommendations bundled in consent agenda of the 199-page IC packet.

RCLCO annual real estate separate account investment compliance review summary for the 2023 cycle, reported at the December 17, 2025 IC meeting per the consent agenda. Reviews completed reviews for 2020-2022, with RCLCO performing the 2023 review. Covers all ASRS RE SMA managers against investment policy parameters.

NEPC quarterly investment market environment and independent oversight section within the October 1, 2025 IC meeting packet. Covers capital markets through Q2 2025, real estate market environment, total fund performance, and compliance status of ongoing RCLCO and Meketa annual reviews.

NEPC quarterly investment market environment report within the June 25, 2024 IC meeting packet (121 pages). Covers asset class performance through Q1 2024, real estate market section with allocation by NAV across core, value-added, opportunistic, RE debt, public RE, and separate account buckets.

RCLCO Fund Advisors (RFA) real estate advisory section within the October 4, 2023 IC packet. Taylor Mammen (CEO, RFA) as ASRS extension RE consultant. Discusses slowing rent growth, rising cap rates, debt market tightening, and conviction levels behind each SMA manager relationship as of June 30, 2023.

ASRS staff quarterly real estate asset class report presented at the June 28, 2023 IC meeting. Covers RE portfolio allocation (estimated ~20% of total fund), SMA manager performance, cap rate trends, and debt market conditions as of March 31, 2023. Presenter: Micheal Copeland, Portfolio Manager.

NEPC quarterly investment market environment report and independent oversight section within the October 4, 2023 IC meeting packet (199 pages). Covers macro/capital markets through Q2 2023, real estate market environment, and performance reporting across all asset classes. Presented by Rose Dean, NEPC Partner.

RCLCO Fund Advisors (RFA) real estate section within the June 28, 2023 IC packet. Taylor Mammen (CEO, RFA) presents as ASRS extension RE consultant. Covers portfolio strategy, SMA manager conviction levels, and market outlook for the period ending March 31, 2023. ASRS runs RE through separately managed accounts, not commingled LP funds.

NEPC quarterly investment market environment report and independent oversight section within the June 28, 2023 IC meeting packet; covers macro environment, asset class performance through Q1 2023, and risk/compliance monitoring for all asset classes including real estate.

ASRS staff quarterly real estate asset class report at the October 4, 2023 IC meeting. RE portfolio at approximately 20% of total fund as of June 30, 2023. Reports on SMA managers including Mill Creek Residential, Related Fund Management, Westcore Industrial, and real estate debt positions. RCLCO compliance review noted in progress.

Callan review of private credit market and benchmarking alternatives for ARMB. Includes real estate debt context. Presented at June 2025 meeting alongside private credit manager search results (Sixth Street TAO, Kennedy Lewis, Comvest). Includes real asset debt categorization discussion.

Disclosure of $50M ARMB commitment to Sculptor Real Estate Fund V made in 2Q2025 (action memo dated 07/11/25). Fund invests in traditional and non-traditional real estate sectors focusing on growth assets, high-quality recapitalization opportunities, and distressed situations. Per Real Assets Annual Plan, part of new 5% non-core real estate target allocation.