Document library

Meketa quarterly performance update covering all asset classes including real estate core and non-core allocations for COPERS as of June 30, 2023.

Verus Advisory real assets outlook and performance review prepared for TCERA as of June 30 2023 covering private real estate and infrastructure.

Second quarter 2023 performance review by Wilshire Advisors including private real assets and real estate manager-level data; portfolio $50B.

Aksia LLC consultant recommendation memo recommending a $300M commitment to Brookfield Strategic Real Estate Partners V (BSREP V). Brookfield Property Group has ~$260B AUM. Fund targets opportunistic return across diversified global real estate sectors. Dated June 22, 2023.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2023 (quarter ended March 31, 2023). Core portfolio down -0.4% led by Prologis U.S. Logistics. Non-Core top performers: Sculptor RE Fund III (+10.1%), NREP Nordic Strategies Fund II (+9.4%). No new commitments were made during Q1 2023.

CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2023 (Item 6e Attachment 1, June 20 2023 meeting). 22-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives. Presented by Sarah Corr, Daniel Booth.

CalPERS Investment Committee agenda staff memo for Item 6e, June 20 2023. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2023 (Item 6e Attachment 2, June 20 2023). Covers portfolio returns, sector allocation, leverage, and market commentary. 14 pages.

UTIMCO Real Return team (Edward Lewis, Mukund Joshi) presents $10.4B real return portfolio covering private real estate (-0.6% IRR), infrastructure (+9.5% IRR), and natural resources; discusses Co-GP real estate initiative; SAA shift to 9% RE and 9% infra targets.

STRS Ohio annual investment plan for fiscal year 2024, adopted June 2023; RE near 10% neutral target; international focus on Japan logistics, Europe distressed; direct portfolio reducing office exposure.

ICM packet for June 14 2023 containing Verus semiannual performance reviews for December 31 2022 (private equity, private credit, real assets) and March 31 2023 (total fund), plus the GIC finalist selection meeting (Cortex search criteria and firm profiles for Callan, Meketa, NEPC, Verus). Real estate and real assets performance attribution included in total fund review section.

Real Assets Committee packet including StepStone Real Estate Performance Review presentation, Albourne Real Assets Performance Review presentation, and GRESB sustainability benchmark update.

IMD staff real estate program review covering sector analysis, recent commitments since 3/31/2022 (TPG RE IV, BREP X, BlackRock World REITs, Prime Storage NC, RXR NC), allocation, cash flows, performance, and pacing.

IMD staff real estate portfolio update covering Q1 2023 allocation, commitments since 3/31/2022 ($1.5B including BREP X, TPG RE Fund IV, Prime Storage NC SMA, RXR NC SMA), and StepStone-sourced performance data.

NEPC asset allocation review for PSPRS presented May 2023. Presents alternative asset mix scenarios for the $18.5B fund, with real estate allocation scenarios ranging 5-20%. Updated 2023 capital market assumptions: Real Estate Core 4.5% (revised down -0.3%), Real Estate Non-Core 5.7% (-0.4%), Private Debt RE 5.8% (+0.6%). Includes strategic views on real assets as diversifier and correlation matrix analysis. Allan Martin and Rose Dean presenting.

Board approval page for the May 25, 2023 SBI meeting, confirming final authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V.

Meketa Investment Group consultant memo to ERS Board on private real estate portfolio covering Q4 2022 market conditions; rising rates, negative leverage, frozen debt capital markets, and portfolio performance as of Dec 31 2022.

ERS staff annual review of public real estate ($805M, 2.4% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

Verus Investments Q1 2023 (period ending March 31, 2023) investment performance review for ICERS. Covers investment landscape and portfolio performance including real estate allocation. Presented at the May 17, 2023 board meeting.

Meketa April 2023 capital markets and asset allocation review; no change to allocation recommended. Meketa was DERP's investment consultant until October 2023 when NEPC was selected via RFP.

Hamilton Lane quarterly RE performance update for SBCERS covering Q1 2023 portfolio results, commitment activity including Hillwood US Industrial Club VI, High Street Value Fund I, and H.I.G. Europe Realty Partners III deal reviews.

Delegated investment report disclosing $75M commitment to Stockbridge Value Fund V (value-add real estate), closed April 18, 2023.

ICM packet for April 12 2023 containing Callan's ACERA Real Estate Investment Plan (2023–2024), including portfolio composition, performance attribution, pacing study, and investment recommendations. Callan recommended increasing core real estate commitments of approximately $150 million before end of 2024, plus continued non-core (value-add and opportunistic) commitments. Also reveals prior commitments to Artemis Healthcare Fund II ($25M), CBRE Value Fund 9, and Starwood Fund XII ($40M).

Meketa quarterly performance update covering all asset classes including real estate allocation vs. targets for COPERS as of March 31, 2023.

RVK full due diligence recommendation report for Hammes Partners Income & Growth Healthcare Fund (HIGH), recommending a $30M commitment to the open-end medical office core-plus real estate strategy. Reviews the vertically integrated Hammes platform and healthcare real estate market opportunity.

NEPC's 2023 annual capital markets assumptions presented to PSPRS Investment Committee. Covers 10-year and 30-year return forecasts for 70+ asset classes using building-block methodology. For real estate: Core 8.83% (10yr), Non-Core 4.00%, Private Debt RE 5.8%. Includes full asset allocation review for PSPRS with real estate at 11% target and discussion of real estate/real assets strategic outlook. Data as of 12/31/2022.

StepStone real estate Q3 2022 quarterly report embedded in NYCERS March 2023 investment meeting agenda book; shows portfolio profile, new commitments (EQT Exeter Industrial Value Fund VI, EQT Exeter Industrial Core-Plus Fund IV), and performance.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2022 (Item 6c Attachment 4, March 13 2023). Covers portfolio returns, sector and geographic allocation, leverage policy compliance, and market commentary. 12 pages.

CalPERS Investment Committee agenda staff memo for Item 6c, March 13 2023. Trust Level Review Consultant Report introducing Wilshire and Meketa semi-annual program reviews. Meketa RE Semi-Annual Review (Dec 31 2022) is Attachment 4; Meketa Infrastructure is Attachment 5.

Albourne presented inaugural Infrastructure, Natural Resources, and Real Estate quarterly review covering capital budgeting, pacing, market commentary, and performance as of September 30, 2022.

NYC Police Pension Fund March 2023 meeting package including Townsend Group real estate Q3 2022 quarterly report; portfolio targets 7% (+/-2%) to real estate vs NFI-ODCE+100bps benchmark; lists LaSalle Property Fund, Heitman HART, Blackstone, TPG, Carlyle, and other active fund holdings.

Board approval page for the March 2, 2023 SBI meeting confirming authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V. Also includes policy decision expanding private markets allocation range.

GP presentation for TA Realty Associates XIII, a U.S. value-add fund targeting industrial, multifamily, office, and grocery-anchored shopping centers. Minnesota SBI considered a commitment of up to $200M, approved at the March 2, 2023 board meeting.

Staff and RVK recommendation memo for a $30M commitment to Hammes Partners Income & Growth Healthcare Fund (HIGH), an open-end core-plus medical office fund. Includes analysis of VPIC's core real estate portfolio rebalancing away from office exposure.

IAC staff recommendation memo for the February 21, 2023 meeting endorsing commitments of up to $200M to TA Realty Associates XIII (U.S. value-add industrial/multifamily/office/grocery-anchored retail) and up to $100M to AG Asia Realty Fund V (Asia opportunistic).

Board voted to approve up to $600M commitment to Clarion Lion Properties Fund, an open-end core real estate fund focusing on industrial, multifamily, office, retail, and life sciences in the US.

RVK annual non-core real estate pacing study for VPIC recommending $60M/year in commitments over 2023-2027 to reach the 4% non-core real estate target. Reviews existing portfolio including Hammes Fund IV and Angelo Gordon Fund XI.

ICM packet for January 11 2023 containing Callan's semiannual real estate portfolio review for the period ending June 30 2022, presented by Avery Robinson of Callan LLC. Covers ACERA's real estate portfolio returns, market conditions, sector and manager diversification. Also includes Verus private equity and real assets performance reviews for the same period.

Board of Retirement staff report (File 22-491.1) recommending approval of the 2023 Real Estate Pacing Plan; targets up to $100M in RE commitments split between core (including RE debt) and non-core strategies.

Complete asset listing as of March 31, 2023 including all real estate and real assets investments with book and fair values.

Verus Investments Q4 2023 (period ending December 31, 2023) investment performance review for ICERS. Presented at the February 21, 2024 board meeting. Covers investment landscape, portfolio performance, and investment manager fee analysis.

American Realty Advisors (ARA) annual update on the American Strategic Value Realty Fund to ICERS at the September 17, 2025 board meeting. 36-year history, $11.0B AUM, 100% employee-owned, 600+ institutional clients. Cover image features Canopy, Inland Empire, CA.

American Realty Advisors (ARA) presentation of the American Strategic Value Realty Fund to ICERS at the September 18, 2024 board meeting. 36-year history, $11.3B AUM, 100% employee-owned. Presenters: Josh Brodsky and Ivy Holz.

American Realty Advisors (ARA) presentation of the American Strategic Value Realty Fund to ICERS at the September 20, 2023 meeting. Covers 35-year history, $12.3B AUM, core/core-plus/value-add strategies, fund strategy and portfolio. Presenters: Michael Link and Josh Brodsky.

ASB Capital Management update on the ASB Allegiance Real Estate Fund (~$6.1B open-end core fund) to ICERS at the September 17, 2025 board meeting. Data as of June 30, 2025. Presented by Frank Nigro and David Quigley.

Verus Investments Q2 2025 (period ending June 30, 2025) investment performance review for ICERS. Presented at September 17, 2025 board meeting. Includes investment landscape, portfolio performance, HarbourVest International VI extension request, IR+M guideline amendment, and William Blair global equity team update. ICERS total fund at $1.35B.

Verus Investments Q4 2024 (period ending December 31, 2024) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2025 capital market assumptions and asset allocation analysis.