Document library

Fund presentation deck for LaSalle Value Partners US IX, L.P. presented to VCERA at the March 27, 2023 Business Meeting. VCERA approved a $75 million commitment.

Callan Capital Market Review Q2 2024 distributed to CMERS. ODCE redemption queues declining. Real Estate/Real Assets section includes ODCE performance, transaction volume trends (lower vs 2022), recovering confidence in multifamily and industrial. Private and public real estate performance tables with 1-yr to 20-yr returns. REIT performance included.

Updated Real Estate Investment Policy Statement reviewed May 7, 2026. Formalizes CMERS real estate strategy: 100% Core and Core-plus open-end funds benchmarked to NFI-ODCE; no new non-core investments; non-core legacy portfolio in wind-down. Target 12% (private real estate), range 9-15% (note: 6% minimum through March 31, 2027 for manager restructure). Single manager cap 35% of RE portfolio. Leverage target 25% portfolio-wide. Primary U.S. investments. Includes redline comparison to prior policy.

NEPC investment consultant memorandum recommending VCERA's $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

Callan quarterly Capital Market Review for Q3 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property institutional real estate performance in Q3 2023. Shows ODCE index performance, market trends, transaction volume, valuations, and redemption queues. Includes private real estate return data across multifamily, industrial, office, and retail sectors with 1-yr, 3-yr, 5-yr, 10-yr, 20-yr trailing returns.

Callan Capital Market Review Q3 2024 distributed to CMERS. Real Estate section shows ODCE 0.8% Q3 return, -3.5% 1-yr, 3.3% 5-yr. NCREIF Property 16.1% Q3 (note: different valuation methodology). Includes analysis of ODCE redemption queues at approximately 13% of NAV, transaction volume trends, cap rate stabilization, and multifamily/industrial recovery narrative.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

Callan quarterly Capital Market Review for Q4 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property and NFI-ODCE 4Q23 performance. Driven by falling rates, ODCE returned negative in Q4. Shows private RE performance across 1-yr to 20-yr, ODCE redemption queues, cap rate trends, and transaction activity. Public REIT performance also included.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2024. Real estate composite returned 2.6% for 3Q24 (+2.8% vs benchmark). Portfolio at $8.29B / 22.0% of fund. Full manager-level attribution for core, core-plus, non-core, REIT managers.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 2025. Total real estate at $6.87B / 20.3% of fund. Covers core (Principal, UBS TPF, JPMCB SPF, TA Realty) and non-core (AEW, Heitman, Westbrook, Invesco VA, TA Associates) with full attribution.

August 2024 board book featuring formal Real Estate Asset Class Review (Tab 7) presented by Ethan Hurley and Rob Samson. Investment update (data as of June 30 2024) lists FY2024 new RE commitments: Oak Street Real Estate Capital Fund VI LP ($50M CAPP), AW-Fergus Ventures LLC ($75M CAPP/$50M TFIP), Westport-Stillwater Venture LLC ($75M CAPP). FY2025: Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Portfolio at $2.645B, -4.16% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2025. Total real estate at $8.29B / 22.04% of fund. Full manager-level attribution covering core, core-plus, non-core and REIT managers.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 31, 2026. Total real estate at $7.98B (21.4% of fund). Covers core (TA Realty Core Property, Invesco US Income Fund), core-plus, and non-core managers with full attribution and benchmark comparison. Includes capital market assumptions.

Formal Real Estate Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the May 20 2026 board meeting. Covers CAPP allocation 7-15% (currently 7.14%), investment constraints, deal flow 2021-March 2026, commitment pacing, types of managers (DRA Advisors as allocator example, Walton Street as debt example), current strategy (continued focus on RE debt growth, vertically integrated operators, reducing open-end core). Investment update (data as of March 31 2026) shows FY2026 commitments: Sterling United Properties Fund I, Sweet Grass-Equus II, Walton Street (2nd). RE at $2.999B total portfolio, 3.33% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of June 2024. Real estate returned -0.4% during 2Q, -8.4% fiscal year. Includes capital market assumptions update and asset allocation review with real estate at target 10% policy weight.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2024. Covers all core, core-plus, and non-core managers. Total real estate approximately 20% of fund. Private RE market trends analysis including redemption queues and dry powder data.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of November 2024. Real estate returned -0.2% for the month (-0.4% vs benchmark), 2.4% fiscal YTD (+1.3% vs benchmark). Portfolio at $8.43B / 22.2% of fund.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of December 2024. Total real estate at $8.30B / 22.04% of fund. Includes full manager-level attribution for all real estate managers and private real estate market outlook.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2025. Total real estate at $7.49B / 21.4% of fund. Covers Principal Capital, TA Realty Core Property, UBS Trumbull, JPMCB SPF in core; AEW Partners, Heitman VP, Westbrook RE Funds, Invesco VA Funds in non-core.

Callan quarterly executive summary for Cook County Fund through June 30, 2023. Private real estate returned -2.93% for the quarter. Notes active management in private real estate added value over longer periods. Covers full portfolio performance attribution.

Callan quarterly executive summary through June 30, 2025. Fund at $14.2 billion. Full RE manager-level portfolio: Artemis Income & Growth Fund ($44.7M), Artemis Income & Growth Fund II ($4.4M), Artemis RE Fund IV ($11.3M), Basis Real Estate Fund II ($19.5M), Brasa RE Fund III ($2.2M), Clarion Lion Industrial Trust ($174.8M), LaSalle Income & Growth Funds VI ($3.4M) and VIII ($18.6M). Alert on J.P. Morgan Strategic Property Fund fee credit extension (~$209M).

PERSI CIO Richelle Sugiyama memo introducing the 2023 annual review of the real estate program. Presenters: Callan (Sally Haskins, Jonathan Gould), AEW (Michael Byrne, Patrick McLaughlin), and D.B. Fitzpatrick (Brandon Fitzpatrick, Casey Macomb). Reviews AEW separate account, PGIM PRISA core fund, Adelante REIT, and Idaho Commercial Mortgage Program (CMP).

Callan quarterly executive summary for Cook County Fund through December 31, 2023. Fund market value $12.8 billion. Private real estate section notes NCREIF Property Index fell 4.1% and NCREIF ODCE dropped 4.8% in 4Q23 due to appreciation losses. REITs surged +16.2%.

AEW Capital Management (Ron Pastore) presents to DPFP Board on RCH (RED Consolidated Holdings) and Camel Square at May 2023 board meeting. $40M in distributions YTD from AEW portfolio. Annual presentation on status and liquidation plans.

Callan quarterly executive summary for Cook County Fund through March 31, 2024. Fund market value $13.2 billion. Real estate was the weakest S&P 500 sector at -1.1%. Private real estate allocation and REIT performance reviewed against benchmarks.

AEW Capital Management (Ron Pastore, Mark Morrison) updates DPFP Board on RED Consolidated Holdings (RCH) portfolio management and plans. Real Estate at ~13.1% of total portfolio ($241M NAV vs. 5% IPS target), with liquidation a priority.

Callan quarterly executive summary through June 30, 2024. Fund at $13.3 billion. Features manager alerts for J.P. Morgan Strategic Property Fund (redemption request filed, ~$240M invested due to personnel changes) and LaSalle Investment Management Income & Growth Funds VI & VIII (~$26M). Non-core RE emerging manager RFP results discussed.

Callan quarterly executive summary for Cook County Fund through March 31, 2023. Covers asset allocation, total fund and asset-class-level performance including private real estate (NCREIF NFI-ODCE benchmarked), REITs, and review of alternative investment managers.

Clarion Partners (Bohdy Hedgcock, Kevin McCabe) updates DPFP Board on CCH Lamar, an investment in the Cedars neighborhood of Dallas. Clarion engaged October 2015 to manage DPFP's interest. Possible sale discussions ongoing.

IPERS revised Private Markets Investment Policy Statement presented for review at September 2023 meeting by Bill Bemis and Kris Rowley (Board subcommittee). Effective October 1, 2023. Covers private equity, private credit, and private real assets portfolios. For real estate: core RE minimum 80% of RE portfolio; non-core max 20%. RE leverage limits: 40% portfolio, 50% property (core), 60% property (non-core). No single RE investment >0.5% total fund value; no >20% interest in any commingled fund. Return objective: exceed NCREIF ODCE, net of fees, over rolling 10-year periods. Includes investment descriptions for permitted real estate types including core, non-core, and market-driven opportunities.

Callan quarterly executive summary through September 30, 2025. Fund at $14.7 billion. Full RE portfolio table: Prudential PRISA Real Estate ($254.5M), Artemis Income & Growth Fund ($45.1M), Artemis Income & Growth Fund II ($12.5M), Artemis RE Fund IV ($11.1M), Basis Real Estate Fund II ($19.9M), Brasa RE Fund III ($4.3M), Clarion Lion Industrial Trust ($175.1M), LaSalle Income & Growth Fund VI ($3.4M), LaSalle Income & Growth Fund VIII ($18.1M), Mesirow RE Value III LP ($32.7M), Mesirow RE Value IV LP ($31.7M), Mesirow RE Value V LP ($18.5M).

DPFP staff discusses Clarion's possible sale of CCH Lamar at February 2024 board meeting. Clarion Partners listed as active manager alongside AEW Capital Management. Private Real Estate IPS target at 5%.

Callan quarterly executive summary through March 31, 2025. Fund at $13.4 billion. Private real estate returned -0.21% for quarter. Detailed manager alerts: Artemis Real Estate Partners acquisition by Barings/MassMutual (~$57M in Income & Growth Fund and RE Fund IV); Clarion Partners (~$176M in Lion Industrial Trust). Infrastructure returned 2.31%.

AEW Capital Management (Ron Pastore, Mark Morrison, Sara Cassidy) presents an update to DPFP Board on RED Consolidated Holdings (RCH) portfolio, covering asset dispositions and land sales driving distributions back to the pension. $48.4M in proceeds received earlier in 2024.

DPFP staff discusses Clarion's possible sale of CCH Lamar at March 2024 board meeting. AEW Portfolio Review deferred to April board meeting. RE Clarion CCH Lamar potential $2M commitment noted for capital improvements.

NEPC's full quarterly performance report covering the period ending September 30, 2024. Includes FCERA's total real estate allocation of $512.9M (7.4% of portfolio). Core open-end holdings: Invesco Core Real Estate (~$56.9M) and Harrison Street Core Property Fund ($153.2M). Closed-end portfolio (1-quarter lagged as of June 30, 2024): Ares US RE Fund X (v.2021, $30M committed), Ares US RE Opportunities Fund III (v.2019, $30M), Gerding Edlen Green Cities III (v.2016, $40M), Invesco RE US Fund VI (v.2022, $75M), Invesco US Value-Add Fund V (v.2019, $50M), Kennedy Wilson RE Fund V (v.2016), Kennedy Wilson RE Fund VI (v.2022), Oaktree RE Opp Fund VIII (v.2019, $20M), PCCP Equity IX (v.2020, $30M). Total closed-end commitment: $400M. RE policy target 8.0% (range 0–21%). Total fund AUM ~$6.9B.

AEW Capital Management (Mark Morrison, Sarah Cassidy) updates the DPFP Board on its separate-account management of RED Consolidated Holdings (RCH), a 50/50 JV with RED Development (Phoenix-based retail/mixed-use operating company), and on the wind-down of Camel Square (exited Q1 2025). AEW has managed since February 2015. Real estate NAV ~$152M at the time of the meeting.

AEW Capital Management (Ron Pastore) presents annual portfolio update to DPFP Board on RCH and Camel Square (Phoenix). AEW took over management from CDK in February 2015; RCH holds operating retail/mixed-use properties primarily in Southwest US.

Callan quarterly executive summary for Cook County Fund through September 30, 2023. Fund market value $12.0 billion. Private real estate allocation with commentary on NCREIF index decline and REIT performance. Reviews alternatives including hedge funds and private equity.

Callan quarterly executive summary through September 30, 2024. Fund at $13.9 billion. Manager-level RE detail: Artemis Income & Growth Fund, LaSalle Income & Growth Fund VIII, PGIM PRISA Real Estate Fund (~$254M). Alert on PGIM Private Alternatives CEO departure. J.P. Morgan Strategic Property Fund redemption request confirmed (~$233M). Private real estate returned 0.65% for quarter.

AEW Capital Management (Ron Pastore) presents to DPFP Board covering RCH (only remaining CDK-era investment, $49.3M distributions since 2022 from land sales) and Camel Square (15.5-acre Phoenix site, ~$69M total distributions to DPFP since 2019, nearly fully wound down). Last AEW presentation was November 2023.

Callan quarterly executive summary through December 31, 2024. Fund at $13.5 billion. Private real estate returned 0.65% for quarter, -3.11% over trailing year. Artemis Income & Growth Fund listed as active manager. Year-end RE portfolio review including core open-end and non-core closed-end exposures.