Document library

NEPC quarterly real estate performance review for PA SERS as of March 31, 2024. Includes portfolio performance vs NCREIF ODCE and expanded property benchmarks, market update, investment-level performance, and strategy summaries. Presented at September 17, 2024 Investment Committee meeting.

FY2024 annual investment report for the endowment pool ($1.12B); real estate allocation at 6% with HART, PRISA, Farallon RE III & IV, and SRE Opportunity Fund IV.

FY2024 investment fee summary spreadsheet listing Heitman America Real Estate Trust ($5.05M), PRISA LP ($20.8M), Farallon RE III ($9.2M), Farallon RE IV ($928K), and SRE Opportunity Fund IV ($5.2M).

TRS IMD annual real estate portfolio review at September 2024 IMC: negative one-year return driven by interest rate spike, office sector worst performer (8 consecutive negative quarters), 53% principal investments outperforming funds.

Townsend Group quarterly real estate performance report for SCERS covering Q2 2024 (quarter ended June 30, 2024). Portfolio -1.6% vs benchmark -0.6%. Top non-core: Seven Seas Japan (+7.3% USD), KKR Real Estate Partners Americas (+4.3%), Sculptor RE Fund IV (+3.2%). Bottom: CIM Fund VIII (-39.2%), Hammes Partners IV (-34.3%). No new commitments Q2 2024.

Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2024 (Item 6b Attachment 6, September 16 2024). Covers portfolio returns, benchmark comparison, sector and geographic allocation, leverage, and market commentary. 15 pages.

CalPERS Investment Committee agenda staff memo for Item 6b, September 16 2024. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2024) is Attachment 6; Meketa Infrastructure is Attachment 7.

SURS FY2025 Investment Plan (Exhibit 3) presented September 12, 2024; documents real assets strategy and prior-year commitments including Brookfield SREP V ($75M), Blackstone BREP Europe VII (€50M), and Ember Infrastructure II ($50M).

Delegated investment report disclosing up to $100M commitment to Sculptor Real Estate V (opportunistic real estate), closed August 23, 2024.

Annual report on UW's tenant lease obligations covering 2.2M+ rentable square feet and approximately $108M/year in lease payments across the UW system.

Florida SBA Annual Investment Report for FY2023-24. Covers new asset allocation effective January 1, 2024 (Real Estate target increased; 12% target). Discloses Q2 2024 real estate commitments including $18.3M to Heitman Montecito III, $7.5M to Heitman Crescent BTR, $150M to Carlyle Realty Partners X, $435.7M+ JV with Core and Value Advisors (Stockbridge affiliate), and $53.2M+ JV with Heitman Capital Management.

Staff memo reporting Q1 2024 private markets performance for real estate. Core real estate performance continues down due to commercial real estate market challenges and unrealized valuation markdowns. PGIM real estate debt fund and Grandview Partners I provide offsetting stable performance. TA Realty Fund XIII, Grandview II added. Bundled in August 27 2024 board book.

Presentation and consideration of Morgan Stanley CRPTF Co-Investment L.P., structured as both a Real Estate Fund and Infrastructure/Natural Resources Fund opportunity. Presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $150M (RE series) confirmed at December 2024 IAC meeting.

APERS IFC / AJRS joint board packet August 22 2024. Contains Callan investment manager returns table covering real estate: Core/Core-Plus RE — Callan Real Estate REIT, Carlyle Property Investors, Clarion Lion Industrial Trust, Invesco Real Estate, Heitman Real Estate Trust LP. Non-Core RE — Harrison Street Fund VIII, IX, Heitman Value Partners IV, LaSalle VI, VII, TA Realty XII, XIII. Also contains LaSalle organizational update noting departures of Kristy Heuberger and Joe Munoz in 2024.

SCERS 2023 alternative asset fee and expense report presented at August 21, 2024 board meeting. Provides fee transparency for all alternative asset managers including real estate funds. Lists fund-level fees, expenses, and total cost of ownership.

Verus total fund investment performance review for SCERS for Q2 2024. Covers all asset classes including real estate (6.6% vs 9% target, underweight) and real assets. Includes Verus 2023 Real Assets Outlook discussion on commercial real estate dislocations.

Callan work plan and real assets structure history section embedded in APERS Aug 2024 board packet. Documents history of APERS real estate manager hires: 2021 approved Real Estate Pacing Study and commitments to Starwood and Harrison Street; 2021 farmland managers IFC and PGIM ($50M each); 2022 core-plus RE manager search concluded with selection of Carlyle Property Investors, Principal Real Estate, and Clarion Lion Industrial Trust ($85M each). Invesco Real Estate organizational note: Q2 2024 — LaSalle Kristy Heuberger and Joe Munoz departures.

ERS staff FY2025 private real estate capital plan (Aug 2024) outlining commitment schedule Sep 2024–Aug 2025; portfolio stats as of Dec 2023: $6.6B committed, 10.6% IRR.

RCLCO Fund Advisors full Q1 2024 semi-annual real estate performance report for CalSTRS, covering portfolio NAV, returns vs. NCREIF NFI-ODCE benchmark, and market trends.

Meketa Investment Group quarterly total fund performance report for period ending June 30, 2024, with real assets sub-composite performance and benchmarking update.

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 August 15, 2024 board meeting.

Hamilton Lane Q2 2024 RE performance update for SBCERS; five 2024 commitments closed totaling $50M including Lubert-Adler Workforce Housing Fund II, Kayne Anderson RE Partners VII, Hillwood US Industrial Club VII, and Stonepeak Real Estate Partners.

Investment Finance Subcommittee packet for July 30 2024. Contains APERS portfolio allocation as of recent date showing real estate positions: Core Real Estate Invesco Real Estate ($12.46M), Heitman Real Estate Trust LP ($12.46M); Value Add: Clarion Lion Industrial Trust ($324.5M), Harrison Street Fund VIII, Harrison Street Fund IX ($454.7M), Heitman Value Partners IV ($81.6M), LaSalle Income & Growth VI ($79.7M), LaSalle Income & Growth VII ($48.8M), TA Realty XI ($45.6M), TA Realty XII ($5M), TA Realty XIII ($15.7M). Total Value Add Real Estate $848.1M (7.42%).

NEPC July 2024 follow-up asset allocation presentation with Mix C recommendation: decrease core real estate by 2%, increase private real estate debt by 2%, increase infrastructure by 1.5%. Mix C adopted by unanimous board vote.

TRS IMD annual real estate portfolio review: 2023 performance (negative for first time in 14 years due to rate spike), capital plan, spotlight on data centers and AI in RE; presented at July 18, 2024 IMC meeting by Grant Walker.

Staff memo and agenda item covering annual review meetings with real estate managers Invesco (Core, Value-Add IV/V/VI), Stockbridge (Value IV/V), Harrison Street (Core Property Fund), and PGIM (US Real Estate Debt); June 2024 minutes also disclose $35M Beach Point Capital Real Estate Debt Fund commitment in closed session.

ICM packet for July 3 2024 at which the board adopted Asset Allocation Mix C (reducing private real estate from 9% target, removing it from new allocation targets). Contains NEPC's capital market analysis supporting Mix C, Callan's semiannual real estate portfolio review for December 31 2023 (embedded), and NEPC semiannual reviews of private equity, private credit, absolute return, and real assets for December 31 2023. Critical strategic document showing ACERA's shift away from new private real estate commitments.

BCI 2023-2024 annual report with dedicated real estate equity and debt sections covering QuadReal program performance, $3.3B equity deployments, $3.2B debt commitments, sector exposures, and ESG highlights.

Meketa quarterly performance update with real estate allocation detail (core ~$168M and non-core ~$309M) and policy compliance review for COPERS as of June 30, 2024.

Q2 2024 quarterly investment report covering real assets sub-portfolio performance including real estate, timber, infrastructure, and agriculture/farmland.

Verus Advisory 3rd quarter 2024 investment landscape report for TCERA as of June 30 2024, covering real estate portfolio performance.

Second quarter 2024 performance review by Wilshire Advisors with private real assets and real estate manager-level attribution.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2024 (quarter ended March 31, 2024). Portfolio allocation 7.1% vs 9.0% target; underweight non-core and non-US strategies. Top performers: Prologis U.S. Logistics Fund (+1.9%), NREP Nordic Strategies Fund IV (+10.0%), Sculptor RE Fund III (+5.4%). No new commitments Q1 2024.

EVPCFO disclosure of follow-on commitment: up to $100M to Related Companies (New York-based vertically integrated real estate developer across affordable housing, multifamily, retail, office, and hospitality), committed December 2023.

UTIMCO Real Return team presents $10.6B portfolio; private real estate -3.8% IRR in 2023 due to Europe underperformance and rising rates; discusses evolving real estate strategy toward Co-GP funds and co-investments to reduce fees; infrastructure spotlight on data centers and AI demand.

STRS Ohio annual investment plan for fiscal year 2025, updated May 2024; targets 4-5 new commitments to international/opportunistic RE funds; focus on data centers, medical office, industrial in gateway markets.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2023. Presented at June 11, 2024 Investment Committee meeting alongside the IPI Partners III-A data center fund presentation.

Real Assets Committee packet containing Real Assets Performance Review presented by LACERA staff and StepStone Group (Real Estate) covering performance, portfolio composition, and market context.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 2, June 10 2024). Portfolio outperformed benchmark for 1-year period (6.0%) and underperformed for 3-year (8.1%). 15 pages.

CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2024 (Item 5d Attachment 1, June 10 2024 meeting). 20-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives.

CalPERS Investment Committee agenda staff memo for Item 5d, June 10 2024. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports. Presented by Sarah Corr, Daniel Booth, Dan Bienvenue.

ICM packet for June 5 2024 containing NEPC's asset allocation mixes status update (Mixes C/D/E/F) showing private real estate at 8.2% current versus 0% in proposed mixes (shifted to private infrastructure/natural resources), and NEPC's private credit/debt education session. Key insight: the new Mix C (approved July 2024) eliminates the private real estate allocation and replaces it with private infrastructure (5-6% of total fund) and private natural resources (1-2%). Callan retained as RE consultant for existing portfolio.

DERP 2023 ACFR with investment consultant section; real estate 10% target at 6.4% actual; legacy closed-end managers include Contrarian Capital, DRA Advisors, Prudential REIM, UBS Realty, Walton Street. Real estate and private equity experienced losses in 2023.

NEPC quarterly investment performance report covering BCFPERS real estate and private real assets; includes 22 RE partnership positions and 2 core fund holdings.

PSERS staff presentation and board resolution committing up to $300M to Carlyle Realty Partners X, L.P. (CRP X). Carlyle's opportunistic/value-add US real estate fund emphasizing portfolio construction and risk reduction. PSERS has committed $1.12B across seven Carlyle real estate vehicles historically. Board approved May 31, 2024.

Marquette Associates monthly flash report for May 2024 IC meeting; real estate composite tracking three core ODCE managers; UBS in full redemption queue with ~$24M outstanding.

PRIM's RFP seeking one or more firms to provide public long-only U.S. REIT investment management services via separate accounts, issued May 31, 2024; led to selection of DWS Group and PGIM Real Estate.