Document library

PRIM's April 2025 RFP for private real estate appraisal services, covering PRIM's approximately $10B core private real estate portfolio; led to selection of Altus Group.

Audited IFRS financial statements for BCI's Realpool Global Mexico pooled fund, a Latin America-focused real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Albourne Partners presented a Real Assets Education session to the Real Assets Committee covering portfolio strategy, infrastructure, natural resources, and market context for LACERA's real assets portfolio.

Audited IFRS financial statements for BCI's Realpool Global pooled fund, a globally diversified real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension A pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Realty pooled fund, the primary Canadian real estate equity vehicle, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Multi-Asset Realty pooled fund covering globally diversified real estate equity for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Real Estate Debt pooled fund, covering $3.2B+ in mortgage and real estate debt investments, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension C pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.

NEPC Q1 2025 quarterly investment consultant performance report for TMRS Board, covering real assets composite performance under the new simplified asset allocation framework effective January 1, 2025.

NEPC Q4 2024 quarterly investment consultant performance report for TMRS Board, noting real estate declined 0.29% (vs. benchmark -8.04%) for the year ended December 31, 2024.

Meketa Investment Group due-diligence summary memo on Raith Real Estate Fund IV for ERSRI's non-core real estate allocation. Dated March 26, 2025.

Staff and RVK joint recommendation for a $50M commitment to Blue Owl Real Estate Fund VII (net lease), included in the March 2025 VPIC board book. Describes the net lease strategy's income-generation focus, industrial/sale-leaseback orientation, and role as a diversifier to the core real estate portfolio.

PSERS staff presentation and board resolution committing up to €75M to Realterm European Logistics Fund II, SCSp (RELF II). Realterm is a highly experienced owner-operator of mission-critical, transportation-oriented industrial logistics properties at major European transfer hubs. Target 30-50 asset portfolio. Board approved March 21, 2025.

FEG Q4 FY2024 investment update covering LTIP real estate performance (+1.7% relative contribution); real estate allocation 6.2% of $1.13B pool.

Verus ALM study conclusions and strategic asset allocation revisions approved at March 19, 2025 board meeting. Revised real estate target from 9% to 8% (range 6-10%), revised real assets target from 7% to 5% (range 3-7%), increased private credit to 10% target. Reduction in real estate target reflects continued underallocation and market conditions.

Townsend Group quarterly real estate performance report for SCERS covering Q4 2024 (quarter ended December 31, 2024). Portfolio 6.5% allocated vs 9.0% target. Top performers: Townsend RE Fund (+4.9%), MetLife Core Property Fund (+1.9%), Sculptor RE Fund III (+8.5%). New Q4 2024 commitment: Sculptor Real Estate Fund V ($50M non-core).

SCERS Annual Investment Operations Report presented at March 19, 2025 board meeting. Reviews all investment activity, manager lineup, and operational metrics for the prior year across all asset classes including real estate.

Quarterly performance deck (Dec 31, 2024): UCRP real estate $6.96B – BREIT 49% ($3,387M), Legacy 51% ($3,573M); 5.8% one-year return.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2024 (Item 6a Attachment 5, March 17 2025). RE portfolio comprised 71.6% of Real Assets. Returns exceeded benchmark for 1-year period. 14 pages.

CalPERS Investment Committee agenda staff memo for Item 6a, March 17 2025. Trust Level Review Consultant Report introducing Wilshire performance review and Meketa semi-annual program reviews. Meketa RE Performance Review (Dec 31 2024) is Attachment 5; Meketa Infrastructure is Attachment 6.

PSERS Investment Committee pre-deliberation meeting March 13, 2025 covering Realterm European Logistics Fund II SCSp, I Squared Infrastructure Credit Fund II, I Squared Infrastructure Fund IV, K6 Private Investors, and Stellex Capital Partners III. Formal action at March 20, 2025 board meeting.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending September 30, 2024; presented March 12, 2025.

Mandatory Quebec filing listing all private-market real estate fund investments as at December 31, 2024, including Greystar Growth and Income Fund, Greystar Equity Partners X, Blackstone RE Partners, Rockpoint, TPG RE Partners, Aermont, and GTIS Brazil RE Fund III-A.

CDPQ 2024 annual report covering the real estate portfolio (-10.8% return); key RE transactions include Walker & Dunlop residential partnership (US$500M), Scape/APG student housing JV (AUD 1B), and URBZ Capital logistics in Sweden.

Q4 2024 board quarterly update documenting PRIM Board approval of $150M each to DWS Group and PGIM Real Estate for active U.S. REIT equity mandates, plus benchmark recommendations for real estate.

PSERS Investment Office private real estate asset class review presented February 28, 2025. Covers portfolio role, performance (outperformed benchmark by 310bps as of June 2024), market update for industrial and multifamily, strategic plan, and 2025 Aksia pacing model recommending $300-$600M annual commitments. Portfolio at 6% SAA target allocation.

NEPC quarterly private real assets report as of September 30 2024, presented at the February 25 2025 StanCERA Board meeting. Covers performance of real estate and real assets holdings including Morgan Stanley Prime Property Fund, PGIM US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, and TA Realty Fund XIII. Includes AB2833 alternative investment fee and expense report for FY2024. Bundled in February 25 2025 board book.

Adelante Capital Management monthly REIT manager report for January 2025. Performance: outperformed Wilshire US REIT by 19 bps (month) and 20 bps (quarter). Best holding: ProLogis +12.6%; worst: Digital Realty Trust -7.6%. Includes commercial RE outlook noting signs of stabilization in office and retail. New positions: Agree Realty and VICI Properties.

Staff memo (February 21, 2025) documenting real estate contract actions: BRASA III LP amendment, Cabot Industrial Value Fund VI management services consent, Newport Capital Fund III advisory committee consents.

RCLCO Fund Advisors Q3 2024 semi-annual real estate strategy presentation for CalSTRS Investment Committee covering performance through September 30, 2024.

Quarterly portfolio allocation report showing real estate composite with core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); presented at February 20, 2025 board meeting.

Verus total fund investment performance review for SCERS for Q4 2024. Covers all asset classes including real estate. Follows completion of the ALM study and strategic asset allocation revision lowering real estate target to 8%.

Meketa Investment Group quarterly total fund performance report for period ending December 31, 2024, including ERS real assets allocation and performance attribution.

Albourne (William Greenwood and Sean Crawford) presented quarterly report covering Infrastructure, Natural Resources, and Real Estate portfolios as of December 31, 2024 at February 13, 2025 board meeting.

Board of Retirement staff report (File 25-038) covering Q4 2024 deal flow for both private equity and private real estate; 12 of 36 proposed investments approved; 2025 pacing plan budgeted at $650M PE and $145M RE.

ICM packet for February 5 2025 containing NEPC's 2025 capital market assumptions presentation (as of December 31 2024), including 10-year return forecasts: Real Estate Core 5.5%, Real Estate Non-Core 7.2%, Private Debt Real Estate 6.3%, Private Real Assets Infrastructure 6.7%. Also includes ACERA's proposed 2025 ICM workplan and a delegated authority report on Orchard Global EleganTree Opportunities Fund III ($60M private credit opportunistic).

Minnesota SBI Annual Report for fiscal year ending June 30, 2024. Covers private markets program performance including real estate and real assets allocations, manager roster (KKR, Carlyle Group, Rockpoint, AG, Blackstone, Oaktree, Brookfield among others), and portfolio overview.

NEPC quarterly report covering BCFPERS real estate composite (~$344M, 10.2%) and real assets composite (~$525M, 15.6%); includes private RE partnership performance tables.

Staff private markets program report as of September 30 2024, part of the January 28 2025 board book. Real estate program includes core and value-add strategies (open-end and closed-end funds). PGIM real estate debt fund and Grandview I provide performance support. Includes new Brookfield BSREP V commitment. Covers Morgan Stanley Prime, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII.

Presentation and consideration of BIG Real Estate Fund III, L.P., a non-core real estate fund presented by Denise Stake (PIO) and Philip Conner (IO). Committed at $200M. Part of 2025 pacing plan non-core allocation. Also at same meeting: GCM/CT Real Estate Small and Middle Market Fund, L.P. and 2025 pacing plan overview.

Board of Retirement staff report (File 24-453.1) recommending approval of the 2025 Real Estate Pacing Plan targeting up to $145M in commitments across core (including RE debt) and non-core strategies.

Hamilton Lane 2025 annual real estate strategic plan for SBCERS; covers portfolio snapshot ($466.7M market value, 47 active partnerships), 2024 $60M commitment review, 2025 $45M pacing target, manager monitoring, and strategic allocation targets.

Fiduciary and conflict of interest review covering April 1, 2021 through March 31, 2024. Describes governance of real estate and real assets investments including roles of the Real Estate Advisory Committee (REAC) and Internal Investment Committee (IIC) in reviewing fund commitments. Covers placement agent policies, code of ethics, and manager relationships.

Complete asset listing as of March 31, 2025 including all real estate investments (pages 140-143) and real assets investments (page 160). Lists 100+ funds with book and fair values including: Blackstone BREP Asia I-III, BREP Europe VI-VII, BREP V/VI/VIII/IX/X, Blackstone Property Partners, Blue Owl Digital Infrastructure Fund III, Brookfield SREP II-B/III-B/IV, Carlyle Europe RE Partners III, Cortland Enhanced Value VI, Exeter Europe Logistics IV, KKR REPA III, LaSalle Property Fund, Oaktree RE Opportunities VIII-IX, Stockbridge RE Fund II-D/III-A, Trumbull Property Fund, WCP NewCold III, and many others.

Annual comprehensive financial report for the year ended March 31, 2025. Includes full real estate investment listing (140+ funds including Blackstone BREP series, Brookfield SREP IV, Carlyle Europe RE Partners, KKR REPA, Oaktree RE Opportunities, Stockbridge RE Fund III, Trumbull Property Fund, LaSalle Property Fund, Asana Partners Fund III, Artemis Healthcare Fund II, EQT Exeter Europe Logistics IV, and many others). Real estate target allocation 9.0%, actual 9.33%.

Callan Capital Market Review Q4 2024 distributed to CMERS. Real Estate/Real Assets section: 'Valuations May Have Bottomed; REITs Fall'. Shows Real Estate ODCE Style 0.9% Q4, 1.2% 1-yr, -5.1% 3-yr. NCREIF Property -6.2% 1-yr. ODCE redemption queues approximately 13% of NAV. Transaction volume analysis, cap rate analysis. Munir Iman from Callan's Real Assets Research group identified as author.