Document library

Q4 2023 quarterly investment report covering real assets portfolio (real estate, timber, infrastructure, commodities, agriculture) performance.

Full-year 2023 performance review by Wilshire Advisors; private real estate performance through December 2023; IMRF portfolio $52.2B.

FY2023 annual report with full portfolio of investments listing real estate funds by name and fair value; 78 RE funds totaling $2.7B at June 30 2023

Board approved up to $35M commitment to Bain Capital Real Estate Fund III at December 14, 2023 meeting; fund was presented at November 28, 2023 manager meeting.

Real Assets Committee packet recommending advance of the Real Estate Structure Review to the full Board, covering transition from separately managed accounts to diversified commingled fund vehicles.

NEPC quarterly real estate performance review for PA SERS as of June 30, 2023. Includes portfolio IRR performance vs NCREIF benchmarks, real estate market update, investment-level performance, and strategy summaries. Presented at December 5, 2023 Investment Committee meeting.

Townsend Group quarterly real estate performance report for SCERS covering Q3 2023 (quarter ended September 30, 2023). Top performers: Seven Seas Japan (+4.0%), Sculptor RE Fund IV (+3.2%), Hammes Partners II (+1.8%). Bottom performers: Carlyle China Realty (-6.0%), Carlyle China Project Rome (-5.8%). No new commitments in Q3 2023.

Verus total fund investment performance review for SCERS for Q3 2023 (quarter ending September 30, 2023). Real estate allocation declined to 8.0% vs 9.0% target. Real estate portfolio generated -1.1% quarterly but outperformed benchmark.

ICM packet for December 6 2023 containing Verus Advisory's total fund review for Q3 FY2023 (September 30 2023), private equity and private credit semiannual reviews for June 30 2023, real assets semiannual review for June 30 2023, and Callan's real estate semiannual review for June 30 2023. Shows 2023 real estate commitments: Eclipse V ($5M), CD&R XII ($50M PE), Genstar XI ($40M PE), Davidson Kempner Opportunity VI ($38M PE), Crestline Opportunity V ($38M PE).

FY2023 ACFR showing 15% real estate target allocation; managers: American Realty Advisors, Barings Real Estate Advisors, Basis Investment Group (Big RE Fund I & II), Thor Urban; total portfolio $2.0B.

CIO investment section of FY2023 ACFR covering the real estate portfolio with -8.4% return for fiscal year; lists all private real estate fund relationships, documents real estate as 10% policy target allocation within the Real Assets asset class.

Marquette Associates preliminary flash report for November 2023 IC meeting with real estate composite performance; ERS target 5% real estate allocation tracked against NFI-ODCE benchmark.

NEPC's quarterly performance review for PSPRS as of September 30, 2023, presented to Board of Trustees. Trust ranked top quartile on risk-adjusted terms. PSPRS ex-Workout Real Estate Portfolio 7-year return 7.15% (rank 29th percentile). Global Private Equity (which includes real estate and real assets): $1.665B RE + $711M RA with IRR analysis by vintage year and MSCI Private Comparable benchmarking. Private IRR spread analysis shows RE vintages 2010-2023 with significant dispersion.

Aon quarterly investment review for Colorado PERA covering real estate asset class performance and attribution presented at the November 2023 Investment Committee meeting.

SCERS 2023 year in review and 2024 Annual Investment Plan. For 2024, SCERS targeted $120 million in real estate commitments across 3 non-core funds at $40M each. Real estate allocation was 8.0% vs. 9.0% target. No new real estate commitments were made in 2023 due to challenging market conditions. 2024 focus on non-core and non-US strategies.

AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2023 (Item 4f Attachment 1, November 13 2023). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.

Albourne (Jennifer Yeung and William Greenwood) presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios as of June 30, 2023 at November 9, 2023 board meeting.

Presentation and consideration of Penzance DC Real Estate Fund III LP, a Washington DC-focused value-add real estate fund, presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $125M announced at January 2024 IAC meeting. DC-metro market focus.

Staff memo presenting Q2 2023 private markets program performance for real estate: Morgan Stanley Prime Property Fund (core), PGIM Real Estate U.S. Debt Fund, Greenfield Acquisition Partners VII, and Grandview Property Partners I & II. TA Realty Value Fund XIII newly added as value-add manager this quarter. Bundled in October 24 2023 board book.

Continued Callan asset allocation review for NYCERS at October 2023 special meeting; recommends strategic asset allocation including private real estate target weighting.

ICM packet for October 4 2023 containing the NEPC-Meketa general investment consultant transition plan memo following the Board's September 21 2023 approval of NEPC as new GIC. The separate standalone document posted for this meeting (2023_10_03 Verus presentation) contains a total fund review and private markets capital markets update by Verus Advisory for Q2 FY2023, including real estate performance attribution showing ACERA's real estate portfolio.

Standalone Verus Advisory total fund review and private markets capital markets update for ACERA for Q2 FY2023, distributed separately at the October 4 2023 ICM. Covers total fund performance attribution including real estate (showing -5.7% one-year, -9.7% three-year returns), private equity, real assets, and private credit. Includes market commentary on private equity deal activity, private credit trends, and real assets market conditions.

FY2023 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 IV–VII, with performance and fee data for year ended June 30, 2023.

Meketa quarterly performance update including real estate allocation (core and non-core) performance review for COPERS as of September 30, 2023.

Marquette Associates monthly flash report for September 2023 IC meeting with real estate composite performance and allocation detail including American Realty, Morgan Stanley Prime Property, and UBS Trumbull.

Verus annual private real estate performance and pacing review for CCCERA; recommends $400–450M annual commitments; portfolio covers value-add and opportunistic strategies across Long Wharf, LaSalle, Invesco, EQT, Oaktree, DLJ, Siguler Guff, and others.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2023. Includes portfolio performance vs NCREIF ODCE and C|A Non-Core benchmarks, market and portfolio update, investment-level performance appendix, and real estate strategy summaries across core and non-core managers. Presented at September 19, 2023 Investment Committee meeting.

FY2023 fee summary listing Heitman America Real Estate Trust ($9.0M), PRISA LP ($5.9M), Farallon Real Estate III ($23.5M), and SRE Opportunity Fund IV ($9.4M).

FY2023 annual investment report for the endowment pool; real estate allocation ~8% including HART, PRISA LP, Farallon RE III, and SRE Opportunity Fund IV.

FEG Q2 FY2023 investment update; real estate returned -5.8% vs. benchmark, with 8% allocation in endowment pool encompassing HART, PRISA, and Farallon.

Callan and StepStone joint 2023 strategic asset allocation review for NYCERS presented at September 2023 board meeting; evaluates real estate target weights alongside private equity, infrastructure, and alternatives under updated capital market assumptions.

Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 6, September 18 2023). Covers portfolio returns, benchmark comparison, sector allocation, and market commentary. 14 pages.

CalPERS Investment Committee agenda staff memo for Item 5c, September 18 2023. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2023) is Attachment 6; Meketa Infrastructure is Attachment 7.

Delegated investment report disclosing up to $100M commitment to Brookfield Strategic Real Estate Partners V (opportunistic real estate), closed August 28, 2023.

ACRE FY2023 annual report covering UW's commercial real estate holdings including Metropolitan Tract (downtown Seattle), lease obligations totaling $108M/year, and major development transactions.

Aon investment consultant Q2 2023 quarterly performance review including real estate asset class (NCREIF ODCE benchmark), attribution analysis, and asset allocation context for TRS $196B portfolio.

ICM packet for September 6 2023 for the general investment consultant finalist interviews (Callan, Meketa, NEPC, Verus). Contains Cortex Consulting's comparative analysis of finalists including their real estate consulting capabilities, fees, and recommendation. NEPC was ultimately selected. The packet details real estate consulting fee proposals ($180K–$280K/year) and notes that NEPC does not advise ACERA on real estate investments (Callan retained as RE consultant).

Presentation and consideration of Blue Owl Real Estate Fund VI, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $200M announced at November 2023 IAC meeting. Blue Owl is a top-5 manager by NAV in CRPTF RE portfolio. Net-lease focused value-add strategy.

Marquette Associates monthly flash report for Aug 2023 IC meeting; real estate composite at 6.8% of portfolio ($113.4M) across American Realty, Morgan Stanley, and UBS Trumbull; NFI-ODCE benchmark tracking.

ERS staff FY2024 private real estate capital plan (Aug 2023) outlining commitment schedule Sep 2023–Aug 2024; portfolio stats as of Dec 2022: $6.4B committed, 12.3% IRR, $3.8B fair market value.

Verus annual total portfolio performance review including a 2023 Real Assets Outlook section covering commercial real estate dislocations, infrastructure valuations, and CCCERA's private RE portfolio update as of June 30, 2023.

PSERS staff recommendation to commit $300M to Brookfield Strategic Real Estate Partners V, L.P. (BSREP V). Fund targets office, retail, multifamily, logistics, hospitality, and alternative sectors (life sciences, manufactured housing, student housing, senior living, self-storage) globally. Target fund size $15B. Board resolution August 11, 2023.

Hamilton Lane quarterly RE performance update for SBCERS covering Q2 2023 results; 2023 commitments include Stockbridge Value Fund V, KSL Capital Partners Credit Opportunities Fund IV, and NW1 IOS REIT.

NEPC monthly flash report with full private real estate partnership performance (20+ positions including LaSalle, Kayne Anderson, Dalfen, IPI Data Centers, Torchlight, ABR Chesapeake) and real assets partnerships (Grain Communications Funds II and III).

FEG Q1 FY2024 investment update reviewing endowment pool real estate sub-class allocation and performance.

TRS IMD annual real estate portfolio review: 2022 performance vs NCREIF ODCE, capital plan ($1.9B for 2023), spotlight on office-sector underweighting; presented by Grant Walker at July 13, 2023 IMC meeting.

BCI 2022-2023 annual report with real estate equity and debt program performance sections covering QuadReal managed portfolios, sector rotation, and Canadian/global allocations.