Loading…
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.
Want the numbers instead of the documents? Open the Fund Performance Database →
Browse the full index free. Opening the documents behind it is part of GREI Pro.
See plans2,394 documents·908 GP·686 LP·800 consultant
All materials are published by the firms or public bodies themselves; all rights remain with them. We link, we don’t rehost.
Combined IAC slides deck for the December 15, 2025 IAC meeting including the Townsend Group real estate portfolio performance slides. Contains detailed fund-level performance table with quarterly and annual returns for all externally managed RE funds in SBAF's portfolio as of 6/30/2025. Key funds: Carlyle Realty Partners VI–X, Heitman Value Partners IV–VI, Blackstone Real Estate Partners VII–IX, Bell Value-Add Fund VIII, EQT Exeter Industrial VI, Fairfield Multifamily Value Add IV, FPA Core Plus VI, Invesco RE U.S. Fund VI, Landmark RE VIII/IX, Prologis Targeted U.S. Logistics Fund, RREEF Core Plus Industrial, Rockpoint III–VI, AEW Senior Housing III, Alterra IOS Venture III, WCP NewCold III, CBRE U.S. Logistics Partners, CapMan Nordic RE Fund II, Cerberus Institutional RE Partners III–VI.
Townsend Group (Aon) real estate portfolio slides for March 30, 2026 IAC meeting (in combined June 2026 slides deck). Contains fund-level performance for Carlyle Realty Partners VI–X, Heitman Global Real Estate Partners II, Heitman Value Partners VI, Blackstone Real Estate Partners VI–IX, Blackstone Real Estate Partners Asia, Bell Value-Add Fund VIII, EQT Exeter Industrial VI, Fairfield Multifamily Value Add IV, FPA Core Plus VI, Invesco RE U.S. Fund VI (~$3.2B NAV), Landmark RE VIII/IX, Prologis Targeted U.S. Logistics Fund, RREEF America II/Core Plus Industrial, Rockpoint III–VI, AEW Senior Housing III, Alterra IOS Venture III, WCP NewCold III, TriGate Property Partners II–IV, Cerberus Institutional RE Partners III–VI, Cerberus FSBA LP, JP Morgan Strategic Property Fund/Special Situation Property Fund/European Opportunistic IV/V, PRISA III, Principal Digital RE Fund, Blue Owl Digital Infrastructure III, CapMan Nordic RE Fund II, Morgan Stanley RE Mezzanine Partners A.
Townsend Group (Aon) SBAF Real Estate Portfolio Report for March 2025. Data as of 9/30/2024. Covers SBA RE total fund performance, return contributions by property type (industrial, multifamily, office, retail, self-storage, senior housing, student housing, SFR, manufactured housing, life science) and geographic region. Benchmark: 83.3% NFI-ODCE (net) + 16.7% NFI-ODCE +150bps over rolling 5-year.
Asset class SIO updates including Real Estate section at the September 2025 IAC meeting. SIO Lynne Gray reported that Real Estate had its first quarter of positive performance since 2022 as of Q1 2025. Includes Major Mandate Performance Review with RE benchmark data. June 3, 2025 minutes also included in this book.
Townsend Group (Aon) real estate performance and market overview section embedded in the September 2024 IAC materials. Performance data as of 3/31/2024. Covers portfolio composition (direct-owned 72.5%, funds 26.9%, REITs 0.2%), diversification by property type and geography, and market conditions.
Heitman Value Partners IV, V, VI and Heitman Global Real Estate Partners II performance data in the Florida SBA December 2025 IAC Townsend fund-level performance table. SBA committed $18.3M to Heitman Montecito III and $7.5M to Heitman Crescent BTR in 2024. CBRE U.S. Logistics Partners (managed by Heitman) is one of SBAF's largest open-end fund positions.
Full Real Estate Asset Class Review at the March 2024 IAC meeting. Includes asset allocation transition update as RE target was revised to 12%. Portfolio NAV ~$20.9B (11.6% of TPA). Townsend's Seth Marcus and Jeff Leighton presenting. Covers portfolio evolution (2005–2023), performance, transaction activity, market overview. New CIO Lynne Gray introduced as incoming SIO replacing retiring Steve Spook.
Asset Class SIO Updates including Real Estate section at the December 2023 IAC meeting. Acting SIO Paul Groom and CIO Lamar Taylor provided RE update discussing market conditions, performance (below YTD benchmark), and long-term fixed rate credit facility implementation. Includes Townsend RE portfolio sector allocation as of 6/30/2023.
Real Estate Asset Class Update presented at the June 2023 IAC meeting by SIO Steve Spook. Covers Q1 2023 ODCE index performance (-4.0% depreciation), total asset class returns (1-year 4.5% vs benchmark 3.5%), quarterly highlights, market overview, and portfolio activity. RE program at ~$20.9B NAV as of 9/30/22.
Townsend Group (Aon) SBAF Real Estate Portfolio Report for March 2024, embedded in the IAC materials. Data as of 9/30/2023. Covers 15-year portfolio evolution, performance vs. NFI-ODCE benchmark, fund risk profile, property type and geographic diversification. Program at $20.9B NAV targeting 12% allocation.
Townsend Group (Aon) real estate portfolio performance report embedded in the March 2023 IAC book. Covers SBAF RE performance through Q3 2022, benchmark analysis, fund risk profile, property type and geographic diversification, 15+ year portfolio evolution, and leverage analysis for Florida SBA's $21.1B RE program.
Monthly transaction report disclosing affordable housing mortgages in Ithaca, Lake Placid, Schenectady, and Poughkeepsie NY (via Community Preservation Corp). No major fund closings in real estate this month.
Bell Value-Add Fund VIII performance data in the Florida SBA March 2026 IAC slides (Townsend fund-level table). Multifamily value-add strategy. Vintage 3Q15 per performance table.
Monthly transaction report disclosing: Blackstone Real Estate Partners Europe VII ($300M, latest Blackstone European RE fund targeting diversified portfolio); affordable housing mortgage at 299 Main St Poughkeepsie NY ($1.5M).
Monthly transaction report disclosing: NYSCRF Frontier Mach III ($400M, Artemis Real Estate Partners' emerging manager program, latest addition); affordable housing mortgage at 48 South Franklin St Nyack NY ($1.2M).
Monthly transaction report disclosing: KKR Real Estate Partners Americas IV ($250M, closed-end diversified opportunistic fund targeting transitional/distressed real estate); multiple NY affordable housing mortgages in Penn Yann, Ithaca, Poughkeepsie, and Johnson City NY.
Monthly transaction report disclosing: Ares European Property Enhancement Fund IV (€320M, core-plus and value-add in Western Europe/gateway cities); Ares EPEP IV Co-Investment (€100M sidecar alongside). Infrastructure: Copenhagen Infrastructure V (€300M), Copenhagen Infrastructure Co-Investment (€300M), Stonepeak Infrastructure Fund V ($300M).
Monthly transaction report disclosing new real estate fund commitments: Artemis Real Estate Partners Fund IV ($200M, value-add/opportunistic US closed-end fund); ComRef Williamsburg Loft Portfolio via MetLife Separate Account ($68M, 78-unit multifamily in Brooklyn NY). Also Raith Real Estate Fund III through GCM Grosvenor Emerging Manager program (up to $15M, debt/equity).
Monthly transaction report disclosing: Waterton Residential Property Venture XV ($300M, closed-end value-add apartment fund targeting top 30-40 US MSAs); new relationship for CRF. Also infrastructure: EQT Infrastructure VI ($450M) and Antin Infrastructure Partners V (€250M).
Monthly transaction report disclosing: ComRef Martinique via JP Morgan Separate Account ($50.8M, forward purchase of 120-unit residential townhome development in Lakewood Ranch/Sarasota FL).
Monthly transaction report disclosing: 754 Fifth Avenue NY refinancing ($400M mortgage); Asana Partners Select Fund ($300M, fund-of-one core and core-plus retail/mixed-use in urban US); Lowe's Bulk Distribution Center Savannah GA via MetLife ($111.4M, 1.2M sf Class A industrial).
SWIB 2024 Schedule of Investments (as of December 31, 2024). Private real estate portfolio adds: Bridge Logistics Value Fund II, 1547 Data Center Fund III WESCO V, Berkshire Bridge Loan MF1 III, Lone Star RE Fund VII, FPA Core Plus VI, High Street RE Fund VIII, Heitman Debt Partners III, RLIF Co-Investment I/II, Realterm Airport Logistics, SRE Wilson Industrial JV, Rockwood Multifamily Partners, Blackchamber II, Corebridge US RE Fund IV, MetWest, and continues Beacon VI/VII/VIII, CBRE US Logistics + Medical Office, Penwood series, Westbrook series, and others.
SWIB 2023 Schedule of Investments (as of December 31, 2023). Private real estate portfolio includes: Blackstone Real Estate Partners VIII/IX/X, Heitman Debt SA VII/VIII + Debt Partners II, Westbrook Real Estate Fund VI/VII/VIII/IX/X, Lone Star RE I-VI, High Street RE Fund VI/VII, FPA Core Plus III-V, CBRE US Logistics Partners + Medical Office, Blue Moon Senior Housing II + SA I/II, WESCO I/III-VI, Penwood Industrial IV-VII, Realterm Logistics, Barings Innovation & Growth RE, Beacon VI/VII/VIII, Carson Industrial JV, DWS Construction Lending SA, Gateway RE Fund VII, Aeroterm Fund, AMCAP SA, and many others.
Monthly transaction report disclosing: BlueLinkx Industrial Storage Lawrenceville GA via JPM Separate Account ($40.3M, 585,637 sf low-coverage industrial facility). Also infrastructure: AIP Co-Invest 2023B via Antin Infrastructure Partners (€100M).
Full Real Estate Asset Class Review at the March 2026 IAC meeting by SIO Lynne Gray. Covers SBAF RE performance through Q4 2025, RE market update (resilient but selective; 2025 transaction rebound), portfolio composition, fund-level performance data. Real estate returned 0.25%/0.90% over 1Q/YTD 2026 and +3.58% over 1 year. Includes Director of Real Estate and Director of Acquisitions presenting alongside SIO.
Monthly transaction report disclosing: Cortland Enhanced Value Fund VI ($300M, closed-end value-add multifamily Southeast/Southwest US); ComRef Mountain Park via LaSalle Investment Management Separate Account ($70.6M, 240-unit multifamily Phoenix AZ); affordable housing mortgage at 122 Cohoes NY ($4.7M via Community Preservation Corp).
Monthly transaction report disclosing: The Holston via LaSalle Separate Account ($88.4M, 238-unit multifamily garden style in Weaverville NC); multiple NY affordable housing mortgages in Rochester, Syracuse (via Community Preservation Corp). Infrastructure: Stonepeak Opportunities Fund ($250M), Castlelake Aviation V Stable Yield ($250M).
Comprehensive real estate SIO update and Townsend portfolio performance report embedded in the December 2025 IAC materials (as of 6/30/2025). Covers 1yr/3yr/5yr/10yr returns; return contributions by property type and region; fund-level performance data including Carlyle Realty Partners VI/VII/VIII/IX/X, Heitman Value Partners IV/V/VI, Heitman Global Real Estate Partners II, Blackstone Real Estate Partners VII/VIII/IX, Bell Value-Add Fund VIII, EQT Exeter Industrial Value Fund VI, Fairfield U.S. Multifamily Value Add Fund IV, FPA Core Plus Fund VI, Invesco Real Estate U.S. Fund VI, Landmark Real Estate Fund VIII/IX, Prologis Targeted U.S. Logistics Fund, RREEF America II LP, RREEF Core Plus Industrial Fund, Rockpoint Real Estate Fund III/IV/V/VI, AEW Senior Housing Investors III, Alterra IOS Venture III, WCP NewCold III, CBRE U.S. Logistics Partners, CapMan Nordic Real Estate Fund II, BlackRock Europe Property Fund IV/V, Starwood Distressed Opportunity Fund XII/XIII, Blue Owl Digital Infrastructure Fund III, Cerberus Institutional RE Partners III–VI, JP Morgan Special Situation Property Fund, Torchlight Debt Fund VII/VIII, SBAF Mortgage Fund I.
SWIB committed $100M to RLIF Co-Investment Fund I (Realterm) in Q3 2023 (disclosed Sep 2023 per PERE). Fund raised $532M (per SEC filing). Primarily invests in European industrial/logistics assets. Per SOI 2023, RLIF Co-Investment Fund I had value in portfolio. Referenced in March 2024 SWIB Board quarterly commitments data.
Core and Value Advisors, LLC (an affiliate of Stockbridge Capital Group) received more than $435.7M in joint venture principal investments from Florida SBA in Q4 2024 as disclosed in the FY2023-24 Annual Investment Report. Core strategy separate account / JV structure.
Alterra IOS Venture III, LP performance data (NAV ~$454.6M, March 2026, vintage 2Q05) in the Florida SBA March 2026 IAC slides. Outdoor/industrial outdoor storage (IOS) strategy – one of SBAF's larger industrial alternatives positions.
Full Real Estate Asset Class Review presented at the March 2023 Investment Advisory Council meeting. Covers portfolio overview, performance vs. ODCE benchmark, portfolio risk profile, transaction activity, and Townsend Group market commentary. Portfolio NAV ~$21.1B (12.4% of TPA); 13 open-end funds, 8 separate accounts, 50+ closed-end funds/REITs. SIO Steve Spook and Townsend's Richard Brown and Seth Marcus presenting.
Monthly transaction report disclosing: The Preserve at Poinciana via ComRef Heitman Separate Account ($62.3M, forward purchase of 175-unit Class A single-family-rental development in Poinciana FL). Real assets: Carlyle Renewable & Sustainable Energy Fund II ($200M), DigitalBridge Partners III ($275M).
Torchlight Debt Fund VII LP and Torchlight Debt Fund VIII LP performance data in the Florida SBA December 2025 IAC Townsend fund-level table. Commercial real estate debt strategy. Fund VII shows 3.77% and 4.23% returns over 3yr and 5yr periods.
Full Real Estate Asset Class Review at the March 2025 IAC meeting by SIO Lynne Gray and Townsend Group (Michael Fogliano). Covers SBAF RE performance through Q3 2024, portfolio overview, benchmarks (83.3% NFI-ODCE net + 16.7% NFI-ODCE +150bps), property type return contributions, geographic diversification, and market outlook. RE outperformed primary benchmark over all periods; program at ~$19B targeting 12% of TPA.
Real Estate SIO update by new SIO Lynne Gray at the June 2024 IAC meeting, included as part of the Major Mandate Performance Review. Includes the SBAF Real Estate Portfolio data as of 12/31/2023 (NAV $18.8B), with sector allocation, transaction activity, and benchmark performance discussion.
FPA Core Plus Fund VI (NAV ~$398.7M, March 2026, vintage 3Q03) performance data in the Florida SBA March 2026 IAC slides (Townsend fund-level table). One of SBAF's larger multifamily core-plus fund positions with a long track record since 2003.
Real Estate portfolio performance and SIO updates at the September 2024 IAC meeting. Covers SBAF RE performance as of 3/31/2024 (NAV $18.8B), transaction activity (~$250M new commitments including $150M to US non-core opportunistic funds), portfolio composition and diversification. SIO Lynne Gray presenting. Townsend real estate market overview included.