Fund Universe Library

Across Disciplines1 ... | Jim Raisides (26/30)* Managing Partner | Jim Buckingham (25/40)* Managing Partner | Brooks Wales (22 ... ) Partner, Head of Asset Management | Mike Haggerty ( ... II. Core Property Fund Overview ... Core Property Fund Overview ...  Launched in ... 18; Included in OD ... 2020  ... overweight to industrial and multifamily  ... underweight to office  Ingrained TA Realty value-add expertise and mindset applied to core real ...  Robust capital ... and low cost

Clarion Partners Lion Properties Fund (“LPF” or the “Fund”) is an open ... of primarily institutional quality real estate ... located throughout the United States ... objective is to ... a strong income return with the potential for long-term capital ... . The Fund has ... NFI-ODCE ... the 1-, 3-, 5-, 7-, and 10-year periods, driven by the ... , strong performing office assets in ... Townsend recommends NIC submit a redemption request for the capital currently invested with JP Morgan’s Strategic

Comprehensive 2026 private markets pacing plan presented by Mark Evans and Denise Stake. RE target: $600M core, $550M non-core, $1.15B total in 2026. CRPTF grown to $67.9B projected for 2025 year-end. Strategic goal: reach 10% RE allocation by 2028. Includes multi-year pacing charts through 2035. INR 2026 target: $800M. PE: $2.4B. Credit: $1.1B.

2026 Real Estate pacing plan overview presented alongside broader private markets pacing review. 2026 targets $600M core and $550M non-core RE commitments ($1.15B total). Strategic objective to reach 10% RE allocation by 2028. Presented January 14, 2026; no RE fund presentations at this meeting (PE-focused session).

Board of Retirement staff report (File 25-438.1) recommending approval of the 2026 Real Estate Pacing Plan targeting up to $155M; recaps 2025 commitments of $75M Kayne Anderson RE VII, ~$20M co-investment, and €50M PGIM PRECap VIII.

Fund Facts MANULIFE GLOBAL CORE EQUITY FUND Series F Manulife Investment Management Limited May 22, 2026 ... This document contains key information you should know about Manulife Global Core Equity Fund (the “Fund”). You can find more details in the Fund’s Simplified Prospectus. Ask your representative for a copy, contact Manulife Investment Management Limited (the “Manager”), at

Staff RFP seeking qualified managers for a private real estate equity open-end commingled fund focused on affordable housing; MEABF may commit up to ~$10M; Marquette Associates assisting.

Meketa Q4 2025 private markets report for Oklahoma TRS covering real assets program (34 funds, $3.1B committed, $1.86B FMV) with fund-level performance.

NEPC monthly flash report with comprehensive private real estate partnership performance table (2023 vintage additions: ACORE Credit Partners II, ElmTree U.S. Net Lease Fund V, Oaktree Real Estate Debt Fund IV) and private real assets (Grain Communications Opportunity Fund IV, Brookfield Infrastructure V).

Current OPERS Real Estate Investment Policy (January 2026): 11% DB target; single closed-end fund limit $750M; open-end fund limit $1B; benchmark NFI-ODCE net plus 85bps.

OPERS 2026 staff investment plan covering private RE target of 11%, core and non-core strategy; Meketa endorsed; DB fund allocation 11% RE.

IFM Investors pig Infrastructure Horizons The forces shaping the future of infrastructure investing ... 03 Introduction: The forces shaping the future of infrastructure investing 04 Expanding horizons: Infrastructure’s maturing as an asset class demands fresh thinking Luba Nikulina ... INFRASTRUCTURE HORIZONS 2025 Infrastructure’s horizons expand Investors are moving beyond a monolithic view of infrastructure to focus on the distinct risk-return profiles of infrastructure equity and debt, of dif

Summary Canada Pension Plan Investment Board's (CPPIB) Aa2 baseline credit assessment (BCA) reflects the pension manager's strong liquidity and predictability of future cash flows, as well as sound financial policies. CPPIB's governing legislation mandates it as the exclusive asset manager of Canada's national social retirement program, the Canada Pension Plan (CPP), without responsibility for the underlying pension obligations. As such, for analytical purposes, we consider CPPIB to be fully fun

TMRS 2025 Completed Investments Report showing real assets commitments including BlackChamber Real Estate Opportunity Fund II ($100M, March 2025), NorthPoint Industrial Fund VII ($150M, June 2025), and BCP Infrastructure Fund II ($100M, December 2025).

Q4 2025 quarterly investment report covering private investments including real assets (real estate, infrastructure, timber, commodities, agriculture/farmland) performance.

Full-year 2025 investment performance review by Callan with dedicated private real assets and private real estate sections; portfolio $60.8B.

FY2025 ACFR lists TRS's 71 real estate limited partnerships including Blackstone Real Estate Partners IX/X/Asia, LaSalle Asia Opportunity IV/VI, Lone Star Real Estate VI, Madison International, Rockpoint VI/VII, Walton Street Core-Plus/VI/VII, Carlyle Realty VIII/IX, Elion Industrial II, BIG Real Estate I/II, and multiple real estate debt funds.

CalSTRS staff semi-annual activity report for real estate as of December 31, 2025, listing $3.178B in new commitments including Heitman CMA Fund VI, Artemis Healthcare Fund III, Harrison Street CMA, TPG Real Estate Credit Opportunities, and LaSalle Property Planet Protection.

Q1 2026 as of March 31, 2026 Invesco Real Estate Fund A: IARAX | R6: IARFX | Y: IARYX ... What this fund does ... The fund seeks to provide investors with exposure to high-quality real estate companies, including those that own higher-quality properties in domestic markets with strong growth prospects and that feature attractive management, governance, and balance sheet characteristics. ... Fund overview (as of 03/31/26) ... Fund objective The fund seeks total return through growth of cap

NEPC biennial asset/liability review and 2025 capital market assumptions presented at December 2025 SWIB Board of Trustees meeting. Recommends -2% policy leverage to -10%, eliminate long treasury. RE 10-yr assumptions: Core 5.4%, RE Debt 6.4%. Real estate target 8% of CTF maintained.

Q3 2025 RE Quarterly Activity Report presented at SWIB Board and IC (Dec 17, 2025). Single commitment: WESCO VII ($60M), a joint venture with Essex Property Trust for structured finance investments in West Coast multifamily markets (SF, SoCal, Seattle). Portfolio $11.9B, 8.5% CTF.

SWIB committed $60M to WESCO VII (Essex Property Trust) in Q3 2025. 50/50 JV investing in structured finance investments for West Coast multifamily markets (NorCal, SoCal, Seattle). First transaction: $42.6M preferred equity for 480-unit South SF development at 13.5% preferred return. Disclosed in December 2025 SWIB Board meeting.

StepStone real estate Q2 2025 quarterly report; Q3 2025 subsequent: Ares Industrial Real Estate Fund ($93M, Core, US); Q4 commitments disclosed: Ares US RE Fund XI ($90M), PCCP Equity X ($90M), Raith Real Estate IV ($45M).

CIO quarterly review for Q3 2025; $1.4B new commitments across asset classes in December 2025 quarter; REID unfunded commitments ~$2.6B.

PERS staff recommendation and Callan review supporting $150M commitment to EQT Active Core Infrastructure II, a new open-end core infrastructure fund employing EQT's 'Active Ownership' model. Targets ~10% net return, 4-5% yield. Invests in digital infrastructure, transportation, energy, utilities. First close September 2025.

PERS staff recommendation and Callan review supporting $150M commitment to Blackstone Infrastructure Partners (BIP), a global open-end core infrastructure fund targeting essential assets across transportation, energy transition, digital infrastructure, and utilities. ~10% net return target. Part of 2% infrastructure allocation (4 managers, $600M total initial deployment).

PERS staff recommendation and Callan review supporting $150M commitment to J.P. Morgan Global Transport Income Fund (GTIF), a specialized open-end core infrastructure vehicle focused on aviation, rail, and shipping assets. 8-10% yield, $6.1B AUM, 153 assets as of Q3 2025. Transportation sector specialization.

Callan/PERS candidate profile and search criteria for new value-add real estate manager. Seeking 1-2 diversified value-add fund managers; $200M total anticipated allocation; minimum $750M target fund size; 12%+ net IRR target; diversified property types required (no single-sector funds); max 65% LTC leverage; max 40% development. Approved at December 16, 2025 meeting.

PERS staff recommendation and Callan review supporting $150M commitment to Brookfield Super-Core Infrastructure Partners (BSIP), a low-volatility open-end infrastructure fund focused on regulated and contracted assets. 8-9% net return target. NAV $15.2B across 29 operating businesses in 12 countries.

Re: LEM Multifamily Fund VII, L.P. ... RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and commits an amount not to exceed $100 million, plus reasonable and normal investment expenses, in LEM Multifamily Fund VII, L.P. and/or related investment vehicles in accordance with the recommendation of Melissa Quackenbush, Senior Portfolio Manager, and Aksia, LLC. ... Melissa Quackenbush ... Senior Portfolio Manager ... PSE

CEM Benchmarking Inc. investment cost benchmarking report for PSERS covering the 2024 period. Presented December 2025. Benchmarks PSERS private real estate investment costs and asset management fees against peers.

PSERS staff presentation and board resolution committing up to $100M to LEM Multifamily Fund VII, L.P. LEM is an experienced multifamily specialist investing in Class B workforce housing in infill locations of large US markets. Board approved December 12, 2025.

PSERS staff presentation and board resolution committing up to $150M to Cabot Industrial Value Fund VIII, L.P. Cabot is a vertically integrated logistics specialist focused on value-add industrial assets in global infill locations. PSERS has existing relationship with Cabot. Board approved December 12, 2025.

PSERS Investment Committee December 11, 2025 full meeting covering Capital Markets Update, Private Markets Pacing Analysis, Aksia consultant review, CEM Fee Report, Cabot Industrial Value Fund VIII (motion), LEM Multifamily Fund VII (motion), and HarbourVest Strategic Partnership.

Cliffwater quarterly performance review for SCERS alternative assets for Q3 2025. Real Assets portfolio performance reported with infrastructure and energy sub-strategies. New Q3 2025 commitments: Khosla Ventures IX ($40M VC), OrbiMed X ($35M VC), Diameter Dislocation III ($25M credit).

Townsend Group Q3 2025 real estate performance report. Portfolio 6.1% vs 8% target; core 53.8% and non-core 46.2% of portfolio. Top performers: NREP Nordic Strategies Fund IV (+9.3%), Hammes Partners II (+2.6%), Asana Partners Fund III (+2.3%). Bottom: Carlyle China Project Rome (-6.8%), Carlyle China Realty (-6.8%). No new commitments Q3 2025.

STRS Ohio investment committee agenda package for December 2025 meeting including CEM 2024 benchmarking, Albourne CY2024 fee validation, Meketa and Callan Q3 2025 performance reviews; RE allocation 8.3% vs 10% policy target.

Albourne fee validation for calendar year 2024 presented December 10, 2025; validated 509 STRS Ohio investments; real estate net management fees $26M, fund expenses $30M, paid carried interest $7.5M; no findings identified.

CEM benchmarking report covering calendar year 2024 cost data presented December 10, 2025; real estate funds management fees $26M, other fund expenses $30M; STRS Ohio total RE cost ~38.8bp vs peer median 45.8bp.

Successfully launched our inaugural perpetual life U.S. Open-End Core Plus Fund, raising $1.5 billion in total commitments through year end For the year ended December 31, 2025: • Net income available to common stockholders was $1.1 billion, or $1.17 per share • AFFO was $4.28 per share • Invested $6.3 billion; our pro-rata share was $6.2 billion at an initial weighted average cash yield of 7.3% ... • Expanded to Mexico in scale with a $200.0 million takeout commitment for USD-denominated, lon

Page 1 of 1 Emerging and/or Diverse Managers in the Investment Portfolio (Board Education) Caro Investors Careina Williams, Founder & Managing Partner, Caro Investors Careina Williams is the Founder and Managing Partner of Caro Investors. She has over two decades of real credit and equity investment experience, largely on behalf of institutional investors. Caro Investors is a credit focused investment management firm domiciled in Maryland. The firm’s flagship product, Caro Investors