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IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Morgan Stanley Investment Management North Haven Infrastructure Partners IV (NHIP IV). Invests in private infrastructure assets in OECD countries targeting off-market opportunities including carve-outs, privatizations, undermanaged assets, platform assets. Firm AUM $1.5T (NYSE: MS). Product AUM $17B. Fund inception 2008. Approved for 2-3 bench managers.

DPFP investment staff portfolio update at January 2023 board meeting. Real estate = 13.1% of total assets ($239M, target 5%), planning March Clarion and April AEW presentations. AEW received $12.5M from portfolio company sales, Clarion distributions $668K. Legacy RE portfolio being liquidated.

DPFP investment staff presents comparison of Meketa vs. Albourne for private markets specialty consulting services (2022 Private Markets Review context). Board evaluates candidates, ultimately selecting Albourne as private markets consultant (contract began July 2024). Real Estate at $159M current vs. $97M target; pacing plan for 3-4 new commitments/year contemplated.

Callan quarterly performance measurement report through 4Q2023. Includes real assets performance section covering private real estate (NFI-ODCE), farmland, timberland, infrastructure vs. benchmarks and peer funds.

Callan quarterly performance measurement through 3Q2024. Includes real assets performance section. Meeting summary notes real estate showing signs of stabilization; FY2024 reporting errors were addressed in this meeting.

Callan quarterly performance measurement report through 4Q2025. Includes real assets performance section covering private real estate recovery, farmland, timberland, infrastructure, and REIT performance.

Callan quarterly performance measurement through 3Q2023. Includes real assets performance section. Note: December 2023 board meeting focused on private equity and fixed income; real assets section is within the performance book.

Callan quarterly performance measurement through 3Q2025. Includes real assets performance section. December 2025 meeting primarily focused on private equity; performance book covers all asset classes including real assets.

Callan quarterly performance measurement report through 2Q2025. Includes total fund, real assets and real estate performance attribution sections. Notes private real estate signs of recovery and strong REIT performance.

Callan quarterly performance measurement through 1Q2026. Appendix packet includes real assets and private real estate performance data. Notes private core real estate exposures have shifted and real estate market conditions in 1Q2026.

Callan quarterly performance measurement report through 4Q2024. Includes real assets performance section covering the full real assets portfolio including real estate, farmland, timber, infrastructure. Notes improving real estate conditions.

Staff FY2025 Real Assets Annual Investment Plan. Presented by SIOs Stephen Sikes and Robyn Mesdag. Includes real estate debt search results (Walton Street and Heitman selected), core real estate strategy (discontinuing wind-down of UBS SA), and new non-core RE target allocation of 5%. Board approved Resolution 2024-13.

Fund financial presentation through March 2026. Real assets portfolio at ~$1.06B. Real estate portfolio includes Heitman Real Estate Debt Partners III ($157.6M), Almanac Realty series, KKR REPA series, Sculptor Real Estate, Walton Street RE Debt Core Fund ($49.6M), Heitman Value Partners VI ($467K newly funded), Fidelity CMBS ($3.4M), Silverpeak LP. Action memo for Heitman Value Partners VI $25M commitment dated 01/05/26.

Board action items adopting revised investment guidelines for Real Estate (2023-13), Farmland (2023-14), Timberland (2023-15), and Infrastructure (2023-16). Embedded in Real Assets Action Items section of September 2023 board packet.

ARMB Board approved Notice of Intent to Award new Real Assets Consultant contract to Callan LLC (RFP 24-003) at June 2024 meeting. Contract effective 7/1/2024. Represents continuation of Callan's real assets consulting relationship with ARMB (contract start in 2019).

SWIB 2023 Schedule of Investments (as of December 31, 2023). Private real estate portfolio includes: Blackstone Real Estate Partners VIII/IX/X, Heitman Debt SA VII/VIII + Debt Partners II, Westbrook Real Estate Fund VI/VII/VIII/IX/X, Lone Star RE I-VI, High Street RE Fund VI/VII, FPA Core Plus III-V, CBRE US Logistics Partners + Medical Office, Blue Moon Senior Housing II + SA I/II, WESCO I/III-VI, Penwood Industrial IV-VII, Realterm Logistics, Barings Innovation & Growth RE, Beacon VI/VII/VIII, Carson Industrial JV, DWS Construction Lending SA, Gateway RE Fund VII, Aeroterm Fund, AMCAP SA, and many others.

SWIB 2024 Schedule of Investments (as of December 31, 2024). Private real estate portfolio adds: Bridge Logistics Value Fund II, 1547 Data Center Fund III WESCO V, Berkshire Bridge Loan MF1 III, Lone Star RE Fund VII, FPA Core Plus VI, High Street RE Fund VIII, Heitman Debt Partners III, RLIF Co-Investment I/II, Realterm Airport Logistics, SRE Wilson Industrial JV, Rockwood Multifamily Partners, Blackchamber II, Corebridge US RE Fund IV, MetWest, and continues Beacon VI/VII/VIII, CBRE US Logistics + Medical Office, Penwood series, Westbrook series, and others.

IAC-endorsed private markets commitment recommendations for the February 25, 2025 IAC meeting, presented to the SBI Board at its March 21, 2025 meeting for approval.

Comprehensive portfolio performance report as of March 31, 2025, covering all asset classes including private markets real estate and real assets. Includes returns, benchmark comparisons, and program-level overview.

IAC-endorsed private markets commitment recommendations for the November 19, 2024 IAC meeting, presented to the SBI Board at its December 10, 2024 meeting for approval. Specific real estate fund details are in the full meeting book.

IAC-endorsed private markets commitment recommendation for the August 2023 meeting cycle, covering BREP Europe VII ($150M) and BSREP V ($200M).

IAC-endorsed private markets recommendation for the August 2024 cycle, covering up to $100M to Blackstone Real Estate Partners Asia III (BREP Asia III), investing across China, India, Japan, and Australia.

The 2024 Opportunity Portfolio Annual Review (March 5, 2025) discloses OPERF's holdings in Blackstone Tactical Opportunities - O ($218M NAV, $250M commitment, Harvest/Special Situations) and Blackstone Tactical Opportunities II - O ($187M NAV, $200M commitment, Active/Special Situations Tactical). Both are hybrid equity/credit niche strategies. Also Blue Owl Capital Corporation (OBDC/OBDE) included.

Ben Mahon (Senior Investment Officer, Real Assets), Melissa Grant and Michael Brand (Directors, Co-Heads Real Assets, Aksia) presented the Real Assets Portfolio Annual Review at the April 16, 2025 OIC meeting (TAB 4). CY 2024 commitments: $775M across six approvals including Harrison Street co-invest top-off ($50M, Infrastructure). Real Assets returned +3.7% vs. benchmark over 1-year. Top managers: Global Infrastructure Management, Warwick Investment Group, Blackstone Group, Harrison Street Advisors.

Staff recommendation to extend the Real Assets Portfolio consultant contract with Aksia (originally approved at a prior meeting) through 2025. Presented at the September 6, 2023 OIC meeting as TAB 3.

IAC-endorsed private markets recommendation for the February 2024 cycle, covering $175M to Oaktree Real Estate Opportunities Fund IX (global distressed CRE debt/equity) and $150M to Blackstone Energy Transition Partners IV (energy/infrastructure).

The October 23, 2024 OIC meeting minutes document an OST Investment Committee approval (July 24, 2024) of a commitment to Harrison Street European Core Fund SCSP SICAV-RAIF from OPERF. Amount listed as $150M USD in the committee report. Disclosed in the Committee Reports section.

Ben Mahon (Senior Investment Officer, Alternatives) and Tom Martin (Partner, Global Head of Private Equity and Real Assets, Aksia) presented the OPERF Real Assets Portfolio Annual Review at the April 19, 2023 OIC meeting. Covered portfolio overview, performance vs. CPI+4% objective, and forward plan. Blackstone Group was among top holdings ($437.4M).

Verus Investments quarterly DB investment update presented at September 2023 board; includes real assets (6.1% RE + 2.0% infrastructure) performance attribution and private market IRR vs benchmark.

Verus Investments quarterly DB investment update for February 2024 board; covers real assets portfolio performance (6.2% RE + 2.3% infrastructure, $3.5B), includes full manager-level RE fund performance table.

NEPC asset allocation analysis and recommendation presented to the TMRS Board at the September 19, 2024 meeting, recommending a new simplified framework with an 18% real assets target (real estate + infrastructure), including detailed risk-return analysis.

FY2025 ACFR (year ended June 30, 2025); investment section covers real assets (11.1% 1-year return), lists real asset managers including Longpoint, KKR, Blackstone, Harrison Street; Aksia as real assets consultant.

ACFR for fiscal year ending June 30, 2025; CIO report covers real estate portfolio at $531.5M (9% of fund, 34 RE funds plus one timberland fund), returning 6.8% for the year, with managers including AEW, Cabot, EQT Exeter, Kildare, Rialto, and Timberland Investment Resources.

In-state manager update describing $150M commitment (approved 12/13/2024) to GCM Grosvenor's North Dakota Real Asset Fund focusing on infrastructure, real estate, natural resources, and agriculture within North Dakota.

Aon presents 2026 Real Assets pacing of $550M ($200M core RE, $200M non-core RE, $150M infrastructure); also recommends additional $50M in Ares Industrial Real Estate Fund (Ares acquired Landmark Partners).

Aon Hewitt recommends up to $50M commitment to Lone Star Real Estate Fund VII, a closed-end global opportunistic fund targeting distressed commercial RE debt and equity; target net IRR 11–12%.

Aon Hewitt recommends and ATRS staff concurs with up to $50M commitment to Carlyle Realty Partners X, L.P.; ATRS previously invested in Carlyle RE Funds VII, VIII, and IX.

Aon Hewitt recommends up to $50M in KAREP VII, a closed-end opportunistic fund targeting specialized real estate sectors; target net IRR 15–18%.

Board adopts Resolution 2026-29 authorizing up to $75M in Ares Real Estate Secondaries Fund X, L.P.; opportunistic RE fund-of-funds acquiring secondary market LP interests; targets 15% net IRR, 1.5x net equity multiple.

Aon presents 2025 Real Assets pacing of $750M ($300M core RE, $100M non-core RE, $350M infrastructure) and recommends $100M in Blackstone-owned Strategic Partners Infrastructure IV with imminent need status.

Board approves Resolution 2024-36 authorizing up to $50M in Long Wharf Real Estate Partners VII, L.P.; value-add fund acquiring diversified assets at discounts; closed December 30, 2024.