Document library

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2026), Private Equity, Private Credit, and Real Assets (Q4 2025). Real Assets returned 1.4% in Q4 2025. Top real assets performer: Brookfield Super-Core Infrastructure (+2.4%). No new real assets commitments in Q4 2025 or Q1 2026. Total Real Assets net IRR since inception 10.13%.

Staff memo on alternative assets consultant services at the June 17, 2026 board meeting. Covers update or extension of SCERS' alternative assets consulting agreement.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2025. Total real estate portfolio generated a net return of -0.2% for calendar year 2025. Presented at June 9, 2026 Investment Committee meeting. Includes performance vs NCREIF ODCE and C|A Non-Core benchmarks, market update, and investment-level performance.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2026 (Item 6f Attachment 2, June 15 2026). Infrastructure portfolio 1-year return 8.9%, outperforming benchmark by 6.0%. 13 pages.

CalPERS Investment Committee agenda staff memo for Item 6f, June 15 2026. Covers the Infrastructure Annual Program Review and introduces the open-session presentation (Att 1) and Meketa Infrastructure Update (Att 2). Presented by Sarah Corr, Stephen Gilmore.

Board meeting notice documenting Aksia's 2025 Real Estate Annual Review and Pacing Analysis and FY Second Quarter RE Performance Report, heard June 4, 2026.

Presentation and consideration of Artemis Real Estate Partners Fund V, L.P. (successor to Funds I-IV). Artemis acquired by Barings/MassMutual March 2025 ($482B AUM, $18.7B Artemis AUM). Diversified value-add platform targeting industrial, residential, alternatives via debt and equity. $2.5B fund target. 13-15% net IRR. Recommended commitment up to $250M. 18% realized net IRR across value-add fund series.

Belay Investment Group finalist presentation on Belay RE Ventures Fund IV (MWDBE value-add RE) to CTPF at the May 7, 2026 Investment Committee MWDBE Real Estate Search meeting.

Caro Investors finalist presentation on real estate credit strategy (MWDBE) to CTPF at the May 7, 2026 Investment Committee MWDBE Real Estate Search meeting.

ICM packet for May 6 2026 containing a staff progress report on ACERA's Real Assets Investment Plan (2025–2034). Reports that four private real assets commitments were made in 2025 totaling approximately $155M: Ares Secondaries Infrastructure Solutions III ($45M), Brookfield Global Transition Fund II ($40M), Rockland Power Partners V ($30M), and Blackstone Infrastructure Partners (amount TBD). In 2026 year-to-date, ISQ Global Infrastructure Fund IV ($40M) was committed under delegated authority. No private natural resources investments made in 2025.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 29, 2026 regular meeting, covering capital markets through February 28, 2026, and portfolio update including real estate and real assets holdings.

Aon Q1 2026 quarterly investment review for Oklahoma TRS Board covering performance through March 2026 including real assets and private markets.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q4 2025), Private Equity, Private Credit, and Real Assets (Q3 2025). Real Assets returned 2.1% in Q3 2025. New Q4 2025 commitments: Blackrock Systematic Total Alpha Fund ($50M absolute return), Shamrock Capital Content Fund IV ($50M credit). Real assets top performer: EnCap Flatrock Midstream IV (+11.1%).

SWIB committed $15M to Rockwood Mixed Use Partners II, LP (Rockwood Capital) in Q4 2025. Mixed-use diversified real estate strategy. Disclosed in March 2026 SWIB Board of Trustees meeting.

UWINCO Q4 2025 quarterly report; CEF at $6.3B with real assets at 3% (~$202M) vs 5% policy target; 1-year CEF return +14.4%; 10- and 20-year returns +9.5% and +7.7%.

Board meeting notice documenting approval of Wheelock Street Real Estate Fund VIII recommendation and Aksia Q3 2025 RE performance report, heard March 5, 2026.

ICM packet for March 4 2026 containing staff progress reports on ACERA's Private Credit Investment Plan (2025–2034) and Private Equity Investment Plan (2025–2034), plus NEPC's asset allocation update reaffirming Mix C (private real assets now 6% target with no new private real estate target allocation). Private credit report notes Orchard Global EleganTree Opportunities Fund III ($60M), ICG Europe Fund IX ($40M), and Strategic Value Special Situations VI ($45M) as 2025 commitments. Also contains the NEPC memo reaffirming Mix C strategic asset allocation as of December 31 2025.

NEPC quarterly real estate performance review for PA SERS as of September 30, 2025. Presented at February 24, 2026 Investment Committee meeting alongside the RE Benchmark Update informational item.

Minnesota SBI Annual Report for fiscal year ending June 30, 2025. Covers updated real estate and real assets program performance, new asset allocation policy (2% each to real estate and real assets), and private markets portfolio as of June 30, 2025.

Official MEABF investment service providers list disclosing real estate fund commitments: Mesirow Financial Real Estate Value Fund V LP ($25M, 2024), Raith Real Estate Fund IV LP ($15M, 2025), Walton Street Real Estate Fund V LP ($20M, 2006).

Staff memo and IPC report proposing a $150 million investment in Ardian Secondaries Fund (ASF) IX Infrastructure B, L.P. and up to $150 million in a co-investment sidecar vehicle. The fund targets LP-led infrastructure secondary transactions with limited GP-led secondaries, primaries, and co-investments. Presented at SIC January 28, 2026 regular meeting.

Meketa Q4 2025 private markets report for Oklahoma TRS covering real assets program (34 funds, $3.1B committed, $1.86B FMV) with fund-level performance.

TMRS 2025 Completed Investments Report showing real assets commitments including BlackChamber Real Estate Opportunity Fund II ($100M, March 2025), NorthPoint Industrial Fund VII ($150M, June 2025), and BCP Infrastructure Fund II ($100M, December 2025).

CIO quarterly review for Q3 2025; $1.4B new commitments across asset classes in December 2025 quarter; REID unfunded commitments ~$2.6B.

PERS staff recommendation and Callan review supporting $150M commitment to EQT Active Core Infrastructure II, a new open-end core infrastructure fund employing EQT's 'Active Ownership' model. Targets ~10% net return, 4-5% yield. Invests in digital infrastructure, transportation, energy, utilities. First close September 2025.

Cliffwater quarterly performance review for SCERS alternative assets for Q3 2025. Real Assets portfolio performance reported with infrastructure and energy sub-strategies. New Q3 2025 commitments: Khosla Ventures IX ($40M VC), OrbiMed X ($35M VC), Diameter Dislocation III ($25M credit).

Albourne fee validation for calendar year 2024 presented December 10, 2025; validated 509 STRS Ohio investments; real estate net management fees $26M, fund expenses $30M, paid carried interest $7.5M; no findings identified.

Investment Committee agenda for Dec 9 2025 recommending commitment to LongPoint Fund IV, L.P., a real estate fund managed by Longpoint Realty Partners.

Stephens Capital Management presentation to APERS (dated November 18 2025) covering PE program Q3 2025 and new private credit activity. HarbourVest Fund of One (Diversified Credit Funds): $550M committed, $12M called as of 9/30/2025. NB Eagle Debt Fund: $200M committed, $80M called as of 9/30/2025. Private credit program in early development with zero non-accruals.

NEPC Q3 2025 quarterly investment consultant performance report for TMRS Board, covering real assets composite benchmark analysis and asset allocation ranges broadened to 10-26% for real assets per Board-approved changes.

Staff recommended a $20M commitment to Brookfield Real Estate Solutions II, a global real estate secondaries fund focused on GP-led recapitalizations; NEPC concurred with top FPL rating.

Staff educational presentation covering PERA's $4.7B Alternatives program including Real Assets (infrastructure, agriculture, timberland) and Private Credit sub-portfolios as of June 30, 2025.

Verus quarterly Investment Landscape report including a standalone 'State of the Core Real Estate Fund Universe' section; CCCERA RE portfolio includes Rialto Credit Opportunities Fund (RE debt), Adelante/Invesco REITs, and 20+ private RE funds.

Fund-of-one RE emerging manager partnership structured as second series of existing CRPTF-GCM program (Ci3). GCM ($86B AUM, $7B RE) to invest in small, emerging, and diverse real estate managers. Recommended commitment up to $250M. Non-core value-add; 12-15% net IRR target. 15-year term. Follows 2022 EM series and 2025 GCM/CRPTF SMRE Fund.

NEPC quarterly IPA; records Edgewood Partners V ($100M, RE), ArrowMark CRE SF Fund II ($80M, RE), Brookfield US REIT renewal approved Aug–Sep 2025.

Board meeting notice documenting Aksia's COPERS Q2 2025 Real Estate Performance Report, heard November 6, 2025.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the October 29, 2025 regular meeting. Includes FY2025 performance review by asset class and Q2 2025 RVK quarterly performance review, covering real estate and real assets.

NEPC biennial asset/liability review presented at the October 21-22, 2025 SWIB Board workshop. Covers WRS risk/return framework, capital market assumptions for all asset classes including real estate (Core 5.4%, Value-Add 6.5%, Opportunistic 7.6%), private markets pacing, and recommended policy allocation changes (-2% public equity, -2% policy leverage).

SCERS staff memo on private markets co-investments education item from October 15, 2025 board meeting. Covers co-investment framework, program design, and strategic considerations for co-investment programs in private equity and real estate.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2025. Presented at September 30, 2025 Investment Committee meeting alongside the Blue Owl Real Estate Fund VII LP presentation.

ICM packet for October 1 2025 reporting on two investments made under delegated authority: Artemis Real Estate Partners Healthcare Fund III (up to $35M real estate value-add, by Callan and Staff) and Ares Secondaries Infrastructure Solutions III ($45M real assets, by NEPC and Staff). The packet also contains the updated ACERA ESG Investment Policy and EIM Policy as action items.

TMRS Completed Investments Report as of Q3 2025, showing real assets year-to-date commitments including BlackChamber RE Opportunity Fund II ($100M), NorthPoint Industrial Fund VII ($150M), ERA Infra Fund II ($100M), and ERA Blade Continuation Fund ($130M).

Cliffwater quarterly performance review for SCERS alternative assets for Q2 2025. Real Assets portfolio continues to generate strong infrastructure-led returns.

Meketa Investment Group infrastructure trust level review for CalPERS for the period ended June 30, 2025 (Item 5b Attachment 8, September 15 2025). Semi-annual report covering portfolio performance, policy parameters, and market commentary.

Callan Associates Q1 2025 quarterly peer performance report embedded in September 2025 SWIB Board of Trustees meeting materials. CTF 5-year rolling NoF return trend as of June 30, 2025.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2024; $5.1B NAV, -0.5% return in 2024, 8.1% net IRR since inception, $395M committed across six 2024 investments.

Verus quarterly Investment Landscape report including a dedicated 'State of the Core Real Estate Fund Universe' section examining redemption queues, mixed fundamentals, and CCCERA's private RE and Rialto Credit debt portfolio performance.