Document library

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.

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.

TMRS Private Investment Performance Report listing all ~45 real estate fund investments as of December 31, 2024, spanning core, value-add, and opportunistic strategies across US and European markets.

ERS 2024 Annual Report disclosing real estate holdings; American Realty, Morgan Stanley Prime Property, and UBS Trumbull Realty; 5% policy target; 10–90 day quarterly redemption notice periods.

Full-year 2024 performance review by Callan (first year as IMRF consultant); includes private real estate manager-level attribution; portfolio $54.9B.

Staff memo presenting the 2025 Real Estate Structure Review to the Board for approval, covering Core and Non-Core Real Estate investment guidelines, pacing, portfolio composition, and transition from SMAs to commingled funds. StepStone concurred.

StepStone real estate Q2 2024 quarterly report; new Q2 2024 commitments: NYC SIGCRE23 Fund LP ($57M) and Mesirow Financial Real Estate Value Fund V ($67M), both Non-Core North America.

Adelante Capital Management monthly REIT manager report for November 2024. Portfolio performance (+28.85% trailing year). Covers sector allocation to various REIT property types, market commentary on commercial RE stabilization, and Blackstone re-entering REIT market via ROIC acquisition. Best/worst holdings analysis and portfolio guidelines compliance.

Verus Advisory 2025 capital market assumptions and five-year strategic asset allocation review including real assets/real estate allocation targets and recommendations, presented December 2024.

CEM benchmarking report covering calendar year 2023 cost data presented December 12, 2024; real estate funds management fees $24M; total investment costs $340.7M; real estate LP fund costs included in benchmarking.

Verus total fund investment performance review for SCERS for Q3 2024. Covers all asset classes. ALM study concluded in 2024. Real estate allocation 6.6% vs revised 8% target following strategic asset allocation change.

Townsend Group quarterly real estate performance report for SCERS covering Q3 2024 (quarter ended September 30, 2024). Top performers: Prologis European Logistics Fund (+4.1% USD), Prologis U.S. Logistics Fund (+1.4%), Seven Seas Japan (+13.6% USD). Bottom: KKR Real Estate Partners Americas (-19.8%), CIM Fund VIII (-9.8%). After quarter end: WCP NewCold III commitment ($50M non-core).

NEPC Q3 2024 quarterly investment consultant performance report presented to the TMRS Board, covering real estate and infrastructure asset class performance, benchmarks (NCREIF ODCE), and allocation as of September 30, 2024.

Aon Q3 2024 quarterly performance review: real estate NAV ~$7.5B (new SAA targeting 15% under Real Return); all asset classes beat benchmark except real estate; discussion of RE price declines.

Presentation and consideration of Mesirow Financial Real Estate Value Fund V, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $150M announced from this presentation. Value-add strategy. Also at this meeting: Private Credit Structural Review and HarbourVest CT Co-Investment Fund tranche.

Nevada PERS Fiscal Year 2024 Annual Comprehensive Financial Report (year ended June 30, 2024). Investment section authored by Julia Bonafede of Jobs Peak Advisors and Callan Associates. Documents two core private real estate separate accounts: AEW and Invesco Real Estate. Private Real Estate returned -6.4% (net) for FY2024 reflecting weakness in office and multifamily. PERS total assets reached $64.2 billion. Target allocation remains 6% Private Real Estate.

FY2024 ACFR investment section listing 84 real estate partnerships ($5.6B fair value, 9.6% of assets) across 38 firms; 6 new commitments totaling $628M in FY2024; Townsend Group serves as real estate consultant.

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 November 21, 2024 board meeting.

FY2024 ACFR showing 15% real estate target allocation; real estate posted -9% for second consecutive negative year amid high rates; $242.7M NAV; managers: American Realty, Barings, Artemis RE Partners IV, Basis Investment Group (Big RE Fund I & II), Thor Urban.

CIO investment section of FY2024 ACFR covering the $6.4B (9.4% of assets) real estate portfolio with -7.7% return for fiscal year; lists all private real estate fund relationships including Heitman Value Partners V, FPA Core Plus Fund VI, Clarion Lion Industrial Trust, Brookfield Strategic Real Estate Partners IV, Carmel Partners VIII, Asana Partners III, and TruAmerica Workforce Housing Fund.

Marquette Associates flash report for November 2024 IC meeting; real estate composite at $465M (~26.7% overweight); UBS full redemption request submitted March 2021, ~$62.7M remaining; JPM IIF $10M redemption request June 2022.

NEPC's quarterly performance review for PSPRS as of September 30, 2024, presented to Board of Trustees (Rose Dean presenting). Post-restructuring GPE includes RE at $2.604B (11.7% ITD NOF) and RA at $582M (6.2% ITD NOF). PSPRS ex-Workout Real Estate Portfolio 5-year return 8.79% (rank 25th percentile), 7-year 7.82% (rank 25th). Private comparable IRR analysis and peer universe positioning. Trust 7-year annualized 7.82%. NEPC discussed manager compliance and risk attribution.

IDR Investment Management CIO Garrett Zdolshek presented an educational overview of the NFI-ODCE Index structure and performance drivers. IDR manages approximately $99.5M for LACERA in its Core Property Index Fund.

SCERS 2024 year in review and 2025 Annual Investment Plan. Covers investment activities and strategic priorities for 2025 across all asset classes including real estate.

AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2024 (Item 4f Attachment 1, November 18 2024). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.

ERS staff memo recommending revisions to the Investment Policy Statement real assets component, effective January 1, 2025; updates core/non-core real estate language and removes legacy benchmark references.

November 2024 board agenda including NEPC Q3 2024 investment performance review; DERP real estate was down slightly in Q3 with real estate at 6.8% actual vs 10% target. Discussion of challenges and potential change of direction.

Albourne (Sean Crawford and William Greenwood) presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios at November 14, 2024 board meeting.

Restated Investment Policy Statement approved November 2024 (following LAB audit finding); governs 5% real estate target allocation, manager guidelines, and reporting requirements for core ODCE funds.

PSERS Investment Committee October 24, 2024 meeting covering Q2 FY2024 Investment Performance, Private Markets Annual Fee and Carry Report, Private Markets Delegated Authorizations update, and Strategic Asset Allocation update. Executive session included discussion of directly-held real estate and secondaries transaction.

Staff memo reporting Q2 2024 private markets performance for real estate. Performance gains from PGIM and Grandview reversed the downward trend. Carlyle Renewable and Sustainable Energy Fund II newly added to infrastructure reporting. Real estate pipeline reviewed with NEPC, additional RE and infrastructure commitments expected Q4 2024 and Q1 2025. Bundled in October 22 2024 board book.

IC calendar sheet plus Cambridge Associates presentation covering 2024 real estate themes: industrial resilience, residential demographics, data centers, distressed office, and opportunities in secondaries and co-GP capital.

FY2024 ACFR investment section listing MOSERS private real estate managers (CBRE US Core Partners, Harrison Street Core Property Fund, LaSalle Property Fund, Oaktree Real Estate Income Fund, TA Realty Core Property Fund) and Blackstone Real Estate Partners series, with performance and fee data for year ended June 30, 2024.

FY2025 Annual Investment Plan with real estate section listing ten CY2023 non-core commitments totaling ~$1.025 billion plus Torchlight Debt VIII (RE debt, April 2024); pacing ~$1B/yr; consultant is Townsend Group.

NEPC quarterly investment performance report covering BCFPERS real estate and real assets composites with manager-level detail.

Third quarter 2024 performance review by Wilshire Advisors; includes private real estate sub-portfolio returns and manager-level data; portfolio $56.4B.

Investment Finance Subcommittee packet for September 25 2024 meeting. Primarily covers securities litigation (Dexcom, Five Below, Salesforce cases) and domestic equity portfolio update. Includes APERS portfolio allocation showing Core/Core-Plus Real Estate at $1.085B (9.45% of total), including Carlyle Property Investors ($81.5M), Clarion Lion Industrial Trust ($78M), Invesco Real Estate, Heitman Real Estate Trust LP ($516.25M), Principal Enhanced Property Fund ($323.5M). Non-core RE: Harrison Street Fund VIII, IX; TA Realty XII/XIII; Heitman Value Partners IV; LaSalle VI/VII.

Verus annual private real estate pacing and performance review; recommends $400–450M/yr in commitments ($300–350M equity, $100–150M RE debt); positive outlook on opportunistic and distressed strategies; covers 20+ active GPs.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending March 31, 2024; presented September 25, 2024.