Document library

NEPC quarterly investment performance report for VCERA covering Q2 2023 (period ending June 30, 2023), presented at the September 25, 2023 Board Retreat & Business Meeting.

NEPC quarterly investment performance report for VCERA covering the period ending December 31, 2022, presented at the February 27, 2023 meeting. Includes real estate portfolio performance.

NEPC quarterly investment performance report for VCERA covering Q2 2025 (period ending June 30, 2025), presented at the September 29, 2025 Board Retreat & Business Meeting.

NIC staff recommendation memo for Kayne Anderson Real Estate Partners VII, prepared by JoLynn Winkler (Senior Portfolio Manager) for the June 13, 2024 board meeting.

Aon real estate performance and capital pacing review presented by Chae Hong, Partner at Aon, to the Nebraska Investment Council at the March 7, 2024 board meeting. Covers NIC real estate portfolio performance and pacing plan.

December 2025 board book investment update (data as of September 30 2025) listing FY2026 real estate new commitment: Sweet Grass-Equus II LP ($100M CAPP/$50M TFIP). Real assets new commitment: CBRE Musselshell Infrastructure Investments LP 2nd tranche ($100M CAPP/$35M TFIP). Real estate at $1.147B in CAPP (6.00%), 2.04% 1-year vs 2.67% benchmark.

OCERS staff Asset Class Review for Real Estate presented at Mar 7 2025 IC. Reviews market conditions, portfolio strategy, and asset allocation positioning for the real estate allocation.

April 2025 board book featuring RVK Annual Capital Market Assumptions presentation. Investment update (data as of March 31 2025) adds FY2025 real estate new commitment: CPF – Rosebud Ventures LLC ($50M CAPP/$35M TFIP). Real estate at $1.892B pension, 0.87% 1-year. Includes updated 2025 capital market assumptions for core real estate (5.52% expected return).

April 2026 board book featuring RVK Annual Capital Market Assumptions (Tab 4) and Domestic Equity Asset Class Review (Tab 3). Investment update shows real estate at $1.157B in CAPP (6.15%) with 2.73% 1-year return. No new real estate commitments for the quarter. Core real estate expected return revised up in 2026 CMAs.

August 2025 board book investment update (data as of June 30 2025) listing FY2025 real estate commitments including new addition: Blue Owl Real Estate Capital Fund VII LP ($50M CAPP/$50M TFIP). Also shows Non-Core Fixed Income Asset Class Review (Tab 6) and Real Assets Asset Class Review (Tab 6 – Real Assets). Real estate portfolio at $966M in CAPP, +1.47% 1-year pension.

Formal Real Assets Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the June 4-5 2025 board meeting (data as of March 31 2025). Covers CAPP (3-9%), TFIP (0-6%), MSF (0-6%) allocation constraints, composition (TIPS 2.7%, commodities, infrastructure, international 9.7%), real assets deal flow, commitment pacing, investment process, and current strategy. New commitment: Ecosystem Investment Partners Fund V LP ($50M CAPP). Real assets at $1.084B pension (6.25% CAPP), 1-year +6.64% pension.

October 2024 board book covers Private Investments Asset Class Review (Tab 4-5), First Reading on Asset Allocation Range Recommendation, and CEM cost benchmarking. No new real estate commitments listed for the period. Real estate at approximately $1.725B in CAPP.

NIC staff recommendation memo for Oaktree Real Estate Opportunities Capital Fund IX, presented at the June 8, 2023 board meeting alongside Aon consultant memo and GP presentation.

April 2024 board book featuring RVK's Annual Capital Market Assumptions presentation (Tab 3) and RVK investment update. Includes 2024 capital market assumption revisions for core real estate (5.02% expected return), global REITs (5.76%), and all major asset classes. Domestic Equity Asset Class Review also presented.

NIC staff recommendation memo for Carlyle Realty Partners X, prepared by JoLynn Winkler (Senior Portfolio Manager) for the June 13, 2024 board meeting.

February 2025 board book featuring Core Fixed Income Asset Class Review. Investment update (data as of December 31 2024) shows FY2025 real estate commitments: Walton Street Real Estate Debt Core Fund LP and NewCold Fund III LP. Real estate at $1.089B in CAPP (6.21%), 1-year performance -2.42%. Walton Street shown in separate accounts at $213M total.

OCERS annual real estate investment plan for 2024, approved at Mar 20 2024 IC. Presented by Rob Kochis, Felix Fels, Haya Daawi (Townsend) and Stina Walander-Sarkin (OCERS). Includes commitment targets: no new core additions plus $150-$225M non-core (2-4 investments at $50-75M each).

NewCold Fund III LP approved as new $50M CAPP real estate commitment disclosed in the November 2024 board book (data as of September 30 2024). NewCold is a global cold storage/temperature-controlled logistics real estate operator. Fund invests in institutional-grade cold chain warehouse facilities.

Formal Real Assets Asset Class Review presentation by Ethan Hurley CAIA and Rob Samson at the May 24-25 2023 board meeting. Covers real assets role and allocation constraints, ownership breakdown, portfolio composition (55% commodities, infrastructure, timber), returns sources, benefits and risks, deal flow 2018-YTD 2023, pacing, current strategy, and exploration of new real assets sub-strategies.

May 2024 board book investment update (data as of March 31 2024) showing FY2024 new real estate commitments: Oak Street Real Estate Capital Fund VI LP. FY2025 new commitments Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Real estate portfolio at $2.528B total with -5.15% 1-year pension return vs -12.73% benchmark. Allocation 40.82% Core/Core-Plus, 35.40% Non-Core, 17.38% debt.

October 2023 board book. Features Private Investments Asset Class Review (Tab 5) and First Reading on Asset Allocation Range Recommendation. Investment update covers real estate at $1.708B (12.02% CAPP) with -3.91% 1-year return. No new real estate commitments listed for that quarter.

August 2023 board book investment update (data as of June 30 2023) listing cumulative FY2022-2023 real estate commitments including new addition Oak Street Real Estate Capital Fund VI LP ($50M CAPP). All FY2023 commitments totaled approximately $600M+ in CAPP. Real estate at $1.697B (12.02% CAPP), -1.96% 1-year.

RVK quarterly performance report as of December 31 2023 in the February 2024 board book. Real estate returned -5.76% vs -12.88% benchmark for the year. Includes full CAPP/TFIP/STIP performance, macro attribution, and peer comparisons across all asset classes.

October 2025 board book covers Private Investments Asset Class Review (Tab 4) and First Reading on Asset Allocation Range Recommendation. Investment update (data as of September 30 2025) shows real estate at approximately $1.7B total with no new real estate commitments for the quarter. New Private Investments pacing discussion.

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Stonepeak Infrastructure Fund Series. North America fund series: high-quality, defensive critical infrastructure primarily in North America; core-plus with occasional build-to-core assets across transportation, energy transition and communications. SOF series: middle market infrastructure (digital, transport/logistics, energy transition, social). OECD countries, primary focus North America and Europe. Firm AUM $65.1B as of 12/31/23. Product AUM $34.7B. Fund inception 2012. Approved as bench manager.

DPFP investment staff portfolio update at August 2025 board meeting referencing $48.4M of distributions received from AEW; reports on Private Markets Sub-Committee establishment, Private Credit Pacing Plan development and Private Equity Pacing Plan in progress.

DPFP investment staff portfolio update at July 2025 board meeting noting $48.4M of proceeds received from AEW during earlier 2025, ongoing liquidation of legacy real estate and private markets assets, and updates on Private Markets Sub-Committee setup and new pacing plans.

Albourne Q4 2025 Private Markets Review for DPFP, presented at May 2026 board meeting. Full-year 2025 real estate review; AEW Camel Square exited Q2 2025. Private equity and private credit pacing plans noted with 4-6 new private markets commitments anticipated.

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for ECP (Energy Capital Partners) Fund Series. Closed-end drawdown fund making value-added control investments in electrification, energy transition, decarbonization and sustainability-linked infrastructure. Targets power generation, renewables, battery/energy storage, environmental clean-up, recycling, waste management primarily in North America. Excludes oil/gas E&P and traditional midstream. Firm AUM $19.9B. Product AUM $14.7B. Fund inception 2005. Employee-owned with passive third-party stake.

DPFP staff presents Investment Policy Statement revisions at November 2024 board meeting establishing the new Private Markets Program Framework. Includes formal Albourne private markets consultant section, real estate 5% allocation target, and new pacing structure for future commitments. Foundational policy document for DPFP's RE reallocation strategy.

DPFP investment staff portfolio update at May 2024 board meeting. Notes $8.0M distributions YTD, $69M received in 2023 (majority from AEW Camel Square/JPM). Investment initiatives include AEW Portfolio Review, Private Market Planning (IPS updates, pacing studies), and initial new private market investments. Real assets ~$279M on balance sheet.

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Macquarie Infrastructure Partners VI (MIP VI). Closed-end fund seeking equity investments in infrastructure and infrastructure-related assets predominantly in U.S. and Canada. Targeted sectors: transportation, waste management, digital, utilities/energy, social infrastructure. Firm AUM $611.7B (subsidiary of Macquarie Group, ASX: MQG). Product AUM $26.2B. Fund inception 2006. Approved for 1-2 allocations.

Meketa Investment Group Q4 2024 Investment Performance Analysis and Third Quarter 2024 Private Markets Review for DPFP, presented January 2025 board meeting. References AEW Capital Management Update at December 2024 meeting and ongoing RE liquidation progress.