Document library

Staff memo for June 2026 real estate manager annual reviews (INVESCO and Stockbridge reviews scheduled May 5, 2026); packet also includes semi-annual private markets performance report (Item 6.3) and Meketa Q1 2026 performance report.

Newport Capital Partners IC presentation on Fund IV, a MWDBE real estate credit fund, to the CTPF Investment Committee on May 7, 2026.

Combined CTPF staff recommendation memo for Newport Capital Partners Fund IV (RE debt) and Longpoint Fund IV (value-add industrial/multifamily), presented at the May 7, 2026 Investment Committee.

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

Investment Committee staff report (File 26-114) recommending Board approval of a $150M commitment to TPG Credit Essential Housing Fund IV; a real estate debt strategy providing off-balance-sheet land inventory financing to US homebuilders.

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.

Q4 2025 board quarterly update documenting PRIM Board approval of up to $200M to KKR Opportunistic Real Estate Credit Fund III, L.P. as part of Other Credit Opportunities allocation.

Meketa Investment Group quarterly performance report for period ending December 31, 2025 (Meketa's first quarter as SAMCERA's investment consultant replacing Verus); includes real estate portfolio performance and Clarion Alternative Sectors Fund onboarding context.

Verus semi-annual performance report for private real assets portfolio as of June 30, 2025; $433.6M market value across 22 active funds and 14 managers; CIO report discloses $30M Clarion Alternative Sectors Fund initial commitment under delegated authority.

Staff informational memo disclosing four new RE commitments via delegated authority: Covenant Apartment Fund XII ($60M, Sun Belt multifamily value-add), Hines Rialto Credit Partners ($100M, office RE debt), EQT Europe Logistics Value Fund V (€65M, European industrial opportunistic), and ICG Metropolitan II ($60M, European urban industrial value-add).

Board of Retirement staff report (File 25-438.1) recommending approval of the 2026 Real Estate Pacing Plan targeting up to $155M; recaps 2025 commitments of $75M Kayne Anderson RE VII, ~$20M co-investment, and €50M PGIM PRECap VIII.

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.

Full-year 2025 investment performance review by Callan with dedicated private real assets and private real estate sections; portfolio $60.8B.

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

Board of Retirement staff report (File 25-392.1) recommending approval of €50M (~$68M) commitment to PGIM PRECap VIII; a junior debt and preferred capital fund secured by UK and Western European real estate; IC recommended 4-0 on October 9, 2025.

NYSTRS Board approved renewal of StepStone Group Real Estate LP (primary RE consultant, $467,550/yr commencing Feb 1, 2026) and Meketa Investment Group (secondary RE consultant) for one-year terms.

Third quarter 2025 performance review by Callan including private real estate returns and manager-level attribution; portfolio $60.2B.

Staff recommended a $20M commitment to ACORE Opportunistic Credit II, a US real estate debt strategy classified under Credit Fixed Income; NEPC concurred with top FPL rating.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for August 2025. Interest to deploy capital in Idaho commercial RE accelerating. Short-term macroeconomic uncertainty from tariffs tempering activity. Portfolio: no delinquencies, no REO. DBF Idaho Mortgages: 2.8% trailing year return.

NEPC quarterly IPA; records Ram Realty Partners LP ($50M, RE) approved Jun 2025 and Raith Core Plus SMA amendment; presented at Aug 2025 IC meeting.

Meketa Q2 2025 private markets report for Oklahoma TRS covering real estate (32 funds, $2.65B committed, $1.70B FMV) and private equity program.

Second quarter 2025 performance review by Callan; Private Real Assets +1.27% vs 0.86% benchmark; portfolio $58.3B.

Staff memo covering real estate manager annual review meetings with INVESCO Core (May 1, 2025) and Stockbridge (May 1, 2025); packet also includes Verus Q1 2025 performance report and agenda item for RCG Ventures Fund VIII closed-session commitment.

Staff memo (May 23, 2025) documenting executed real estate contracts: BIG Real Estate Fund III ($75M funded April 18, 2025), BRASA III LP amendment, Carlyle Property Investors MFN, and Franklin Templeton Private Real Estate Fund term extension to September 2026.

NEPC quarterly IPA; records Raith Real Estate Fund IV ($75M, RE) approved Mar 2025; Q1 2025 total fund and real estate program performance.

CIO delegated authority memo (April 7, 2025) reporting $75M staff-approved commitment to Basis Investment Group Real Estate Debt Fund III; reviewed by Callan’s Alternative Investment Review Committee February 18, 2025.

Meketa Q1 2025 private markets report for Oklahoma TRS covering real estate (31 funds, $2.54B committed, $1.67B FMV), IRR 5.2%, with fund-level performance detail.

Audited IFRS financial statements for BCI's QuadReal Real Estate Debt pooled fund, covering $3.2B+ in mortgage and real estate debt investments, for fiscal year ended December 31, 2024.

Board of Retirement staff report (File 24-453.1) recommending approval of the 2025 Real Estate Pacing Plan targeting up to $145M in commitments across core (including RE debt) and non-core strategies.

Meketa Q4 2024 interim private markets report covering Oklahoma TRS real estate portfolio of 31 funds ($2.54B committed, $1.64B FMV) and private equity program.

Full-year 2024 performance review by Callan (first year as IMRF consultant); includes private real estate manager-level attribution; portfolio $54.9B.

PSERS Investment Committee December 19, 2024 full meeting covering Q3 2024 Total Plan Performance, Private Markets Benchmarks overview, WCP NewCold III (motion), asset class reviews, and general consultant annual review framework.

Statutory public disclosure of alternative investment vehicle fees for FY2024, including Brookfield Senior Mezzanine Real Estate Finance Fund LP ($100M commitment, 103.4% multiple).

Comptroller and Segal Marco Advisors recommend restructuring BERS's $29M PPAR affordable multifamily ETI program, expanding commitment to $70M, extending rate lock to 36 months, and delegating administration to Community Preservation Corporation.

StepStone's annual commercial real estate equity and debt strategic review for NYSTRS, covering 2025 pacing recommendations ($1.0–1.2B equity, $1.1–1.3B debt), portfolio review, and house views on market conditions including Edens and Lineage Logistics operating company updates.

ICM packet for October 2 2024 containing the amended Private Credit Investment Policy as an action item, following the July 2024 asset allocation change (Mix C). The updated policy creates a diversified private credit program at 6.8% target allocation with sub-strategies including direct lending, opportunistic, and distressed, with real estate private debt included as an eligible strategy.

Third quarter 2024 performance review by Wilshire Advisors; includes private real estate sub-portfolio returns and manager-level data; portfolio $56.4B.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for August 2024. Idaho commercial RE activity at slow pace, price discovery ongoing. Investor demand strong but lack of supply restrains activity. Portfolio: no delinquencies, no REO assets. DBF Idaho Mortgages: 8.0% trailing year return. Portfolio ~$825M.

Investment Committee agenda for Sep 10 2024 recommending commitment to Starwood Real Estate Debt Strategies, L.P., a real estate debt fund managed by Starwood Capital Group.

Staff memo presenting new long-term asset allocation targets, introducing a 3% real estate debt allocation and using REITs as proxy for unfunded private RE commitments; details phased implementation across liquidity, growth, and diversifying sub-portfolios.

PSERS staff presentation and board resolution committing up to $175M ($125M fund + $50M co-investment sidecar) to ACORE Opportunistic Credit II, L.P. Highly experienced real estate credit specialist targeting 13-15% net IRR and 8% cash yield. Described as a strong replacement for real estate equity in a higher interest rate environment. Board approved August 16, 2024.

NYSTRS Investment Committee minutes renewing Blue Owl Real Estate Debt Advisors (US CMBS and private real estate debt), Heitman (US REIT/REOC strategy), and Global REIT managers including AEW Capital Management, Heitman, and Dimensional Fund Advisors against the FTSE EPRA/NAREIT Developed index.

Investment Committee informational staff report (File 24-270) reporting a $150M commitment to TPG Angelo Gordon Essential Housing Fund III in April 2024, exceeding the $120M pacing plan; no further RE investments planned for 2024.

Staff memo and agenda item covering annual review meetings with real estate managers Invesco (Core, Value-Add IV/V/VI), Stockbridge (Value IV/V), Harrison Street (Core Property Fund), and PGIM (US Real Estate Debt); June 2024 minutes also disclose $35M Beach Point Capital Real Estate Debt Fund commitment in closed session.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for June 2024. Buyers and sellers standoff expected to persist. Commercial RE lending environment remains constrained with banks and credit unions wary. Portfolio: no delinquencies in June, no REO assets. New originations noted. DBF Idaho Mortgages: 2.5% trailing year return.

Public statutory disclosure listing PERA's Alternatives investment holdings including real assets (infrastructure, agriculture, timberland), real estate debt (Calmwater), and opportunistic funds with vintage year, capital committed/contributed, and IRR as of December 31, 2023.

Second quarter 2024 performance review by Wilshire Advisors with private real assets and real estate manager-level attribution.