Document library

PSERS Investment Office and Aksia LLC collaboration covering Private Equity, Private Real Estate, Private Credit, Private Infrastructure, and Private Commodities portfolios. Includes RE asset class role, performance analysis, benchmark review, manager relationship summary, pacing plan, and 2024 strategic initiatives. Real estate 2024 pacing budget $400-600M.

IMD staff real estate update covering 2023–2024 commitments (~$587M: NorthRock IV, NorthRock I, Northpond Retail Partners, RXR NC), allocation, cash flow pacing, core and non-core performance versus benchmarks.

PSERS Investment Committee pre-deliberation meeting agenda for May 23, 2024 covering Carlyle Realty Partners X, L.P. and CION Grosvenor Infrastructure. The formal action on Carlyle X was taken at the May 30, 2024 board meeting.

Meketa Investment Group consultant report on ERS Texas private real estate portfolio covering Q4 2023 market overview, valuation trends, and portfolio performance; presented at May 2024 Joint Board-IAC meeting.

ERS staff annual review of public real estate ($741M, 1.9% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

GP presentation for AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in office, retail, residential, industrial, hotels, self-storage, senior and student housing across Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, and UK. Minnesota SBI committed $125M, approved May 21, 2024.

Board approval page for the May 21, 2024 SBI meeting confirming $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), plus $175M to Blue Owl GP Stakes VI and $200M to KKR Global Infrastructure V. Total $625M.

NEPC May 2024 asset/liability study recommending shift in real estate exposure: reduce core real estate, increase private real estate debt allocation, expand total real assets from 16.5% to 18% of portfolio.

EVPCFO disclosure of follow-on commitments: up to $145M to SDC Capital Partners (US/Europe data center development) and up to $100M to MDH Partners (US industrial warehouse/distribution).

SCERS portfolio allocation and rebalancing report for Q1 2024 (ending March 31, 2024). Shows real estate allocation at 7.1% vs 9% target. Covers asset class drift and rebalancing recommendations.

Educational presentation by Cliffwater on Real Assets and Real Estate asset classes as part of SCERS' 2024 ALM study educational series. Covers portfolio roles and objectives, Real Assets timeline (7% target allocation, infrastructure/energy/power/agriculture sub-strategies), and real estate program overview. Final installment before ALM study enterprise risk tolerance survey.

Verus total fund investment performance review for SCERS for Q1 2024 (quarter ending March 31, 2024). Covers all asset classes including real estate at 7.1% vs 9% target. Part of the broader ALM study year with asset class education series.

Albourne presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios at May 9, 2024 board meeting.

Presentation and consideration of Artemis Real Estate Partners Income & Growth Fund II, L.P., presented by Denise Stake (PIO) and Olivia Wall (SIO). Also presented at same meeting: Real Estate Structural Review. Commitment of $200M announced at July 2024 IAC meeting. Core-plus income/growth strategy across diversified property types.

Presentation and consideration of Sterling Value Add Partners IV, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $184M announced at July 2024 IAC meeting. Value-add strategy continuing Sterling's retail/mixed-use/residential platform.

Real Estate Structural Review presented by Denise Stake (PIO), Olivia Wall (SIO), and Philip Conner (IO). Reviews CRPTF RE portfolio positioning, strategy targets, manager roster, and structural objectives ahead of 2024 deployment cycle. Also includes Fixed Income Structural Review at same meeting.

ICM packet for the May 1 2024 meeting at which the board considered a $50 million investment in Heitman Value Partners VI as part of ACERA's real estate portfolio. Presenters: Thomas McCarthy, John Mancuso, and Michael Tench of Heitman LLC, plus Callan consultants. The packet also contains a Verus total fund review for December 31 2023 and an asset-liability study. GP materials exempt from disclosure per CA Gov. Code.

Staff recommendation memo recommending $75M commitment to Heitman Value Partners Fund VI. Only value-add fund seeking investment in 2024. Discusses pacing projections, fee discount incentives (total 47% discount to 80bps on invested capital), and PERS' prior Heitman relationship (Funds III-V).

PERSI CIO memo (dated April 22, 2024) introducing the 2024 annual real estate review. Callan presentation by Sally Haskins and Jonathan Gould covers AEW (private RE), PGIM PRISA (core fund), and Adelante (REIT). Callan notes AEW 'remains a stable organization' and 'is exceeding the objectives of the program.' Second presentation covers Idaho CMP managed by D.B. Fitzpatrick.

Quarterly portfolio allocation report first showing Artemis Real Estate Partners Fund IV alongside core RE (American Realty, Barings) and other closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Thor Equities); presented at April 18, 2024 board meeting.

SCERS quarterly investment manager compliance and watch list report for Q1 2024. Reviews compliance of all investment managers including real estate managers such as Clarion, Townsend, Carlyle, and others.

Board approved up to $35M commitment to High Street Value Fund I at April 11, 2024 meeting; fund is a value-add real estate strategy by High Street Real Estate.

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, 2023.

Audited IFRS financial statements for BCI's QuadReal Real Estate Debt pooled fund covering mortgage and real estate debt investments for fiscal year ended December 31, 2023.

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, 2023.

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, 2023.

Verus Advisory quarterly investment performance review for TCERA as of March 31 2024, including real estate and real assets portfolio data.

FEG Q4 FY2023 investment update presented at March 2024 board meeting covering real estate sub-class performance in the endowment pool.

Monthly investment flash report presented at March 21, 2024 board meeting; first appearance of Artemis Real Estate Partners Fund IV in the closed real estate composite, reflecting a new value-add commitment approved in closed session in late 2023.

Quarterly GEP performance deck (Dec 31, 2023): real estate $2.66B total; BREIT 59% ($1,580M), Legacy 41% ($1,082M); 5.1% one-year return.

Townsend Group quarterly real estate performance report for SCERS covering Q4 2023 (quarter ended December 31, 2023). Portfolio declined -4.0% vs benchmark -4.9%. Top non-core performers: NREP Nordic Strategies Fund (+5.0%), ECE European Prime Shopping Centre Fund II (+4.6%), DRC European Real Estate Debt Fund (+4.4%). Bottom: Carlyle China Realty (-25.3%), KKR Real Estate Partners Americas (-23.2%). No new commitments Q4 2023.

SCERS Annual Investment Operations Report presented at March 20, 2024 board meeting. Reviews investment activities, manager lineup, and operational metrics for 2023 across all asset classes including real estate.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2023 (Item 7a Attachment 4, March 18 2024). Covers portfolio returns, leverage (33.8% LTV), sector/geographic allocation, and market commentary. 13 pages.

CalPERS Investment Committee agenda staff memo for Item 7a, March 18 2024. Trust Level Review Consultant Report introducing Wilshire performance review and Meketa quarterly program reviews. Meketa RE Semi-Annual Review (Dec 31 2023) is Attachment 4; Meketa Infrastructure is Attachment 5.

Presentation and consideration of Carlyle Realty Partners X, L.P., a real estate fund opportunity presented by Denise Stake (PIO) and Philip Conner (IO). Carlyle committed $250M at May 2024 IAC meeting (announced from March 2024 presentation). Fund X is successor to Carlyle's flagship value-add/opportunistic US real estate series.

RCLCO Fund Advisors Q3 2023 semi-annual real estate strategy presentation for CalSTRS; portfolio had $49.1B NAV at 15% target allocation; 10-year net TWR of 8.6% outperforming ODCE benchmark.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending September 30, 2023; presented March 6, 2024.

NEPC quarterly real estate performance review for PA SERS as of September 30, 2023. Presented at February 27, 2024 Investment Committee meeting, alongside the RE and PE pacing discussion that approved a $300M commitment pacing level for non-core real estate in 2024.

Mandatory Quebec filing listing all private-market real estate fund investments as at December 31, 2023, including Greystar Growth and Income Fund (892), Greystar Equity Partners IX and X, Aermont Capital RE Funds, GS UK Multifamily, and GTIS Brazil RE Fund III-A.

CDPQ 2023 annual report covering the real estate portfolio (-6.2% return despite market index at -10.0%); key transactions include URBZ Capital logistics (Germany), Safely Store self-storage partnership (US$400M), and LaSalle syndication of Vaughan Mills.

RVK annual non-core real estate pacing study for VPIC recommending $70M/year in commitments over 2024-2028. Reviews current non-core RE portfolio, the UBS Trumbull core RE redemption situation, and recommends increasing the annual pacing from $60M to $70M to reach the 4% allocation target.

Elion Partners manager presentation for ERSRI on Elion Industrial Fund II, a value-add last-mile logistics fund focusing on supply-constrained coastal U.S. markets. Dated February 20, 2024.

RCLCO Fund Advisors written memo summarizing CalSTRS real estate portfolio performance as of Q3 2023 (September 30, 2023), including returns vs ODCE benchmark and portfolio NAV of $49.1B.

Albourne (Jennifer Yeung and William Greenwood) presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios as of September 30, 2023 at February 8, 2024 board meeting.

ICM packet for February 7 2024 containing NEPC's full 2024 capital market assumptions presentation (as of December 31 2023), including 10-year return forecasts for Real Estate Core (4.9%), Private Real Assets Infrastructure (5.4%), REIT (4.6%), and Private Debt Real Estate (part of private debt at 6.1%). Covers 2024 market themes (cost of capital, AI, geopolitics, fiscal debt), real asset yield assumptions, and inflation methodology.

Board of Retirement staff report (File 24-024) covering Q4 2023 deal flow for both private equity and private real estate; 13 of 31 proposed investments approved in the quarter.