Document library

CIO quarterly review for Q4 2025; real estate portfolio shows positive performance in industrial, lodging/resorts, and healthcare; total illiquid commitments ~$17.3B.

Board recap summarizing the Real Estate & Real Assets program review: $11.6B across four portfolios, near long-term 20% target (22% target), growth in demographic-driven investments, $106 trillion infrastructure demand opportunity through 2040.

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.

Board of Retirement informational staff report (File 25-271.1) reporting $75M intended commitment to Kayne Anderson RE Partners VII (medical office, student housing, senior housing, light industrial) against $145M 2025 pacing plan; notes intent to propose European RE debt fund later in 2025.

Hamilton Lane Q1 2025 RE performance update for SBCERS; deal reviews cover Abacus Multi-Family Partners VII ($7.5M) and Artemis Real Estate Healthcare Partners Fund III ($7.5M); portfolio one-year IRR of 1.37%.

Detailed presentation for Artemis Real Estate Partners Healthcare Fund III, L.P. – a Core-plus fund focused on medical office, senior housing, and healthcare-related real estate debt. Artemis expected to be acquired by Barings LLC (MassMutual subsidiary) by Q1 2025. Recommended commitment $150M. Strong demographic fundamentals from aging population cited as key driver.

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.

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.

Meketa Investment Group due-diligence summary memo on Ventas Life Science and Healthcare Real Estate Fund (VLSHREF), evaluating the core+ open-end vehicle for ERSRI's core real estate allocation. Dated February 22, 2023.

Q2 2025 performance report. Key manager news: Harrison Street – Colliers International rebranded its investment division as Harrison Street Asset Management (HSAM) in July 2025, Christopher Merrill becomes Global CEO; no change to Core Property Fund team. LaSalle – Deputy PM Alfreda Delle taking leave, Patrick Pelling named new PM for LaSalle Property Fund (LPF). Full RE portfolio: JP Morgan (2.24% target, $90M), Morgan Stanley (2.42%, $147M), LaSalle (2.06%, $109M), Prologis USLF (non-core, 1.17%), Harrison Street Core Property Fund (0.81%, $82.5M). Real Estate at 8.7% target.

Callan consultant report covering the CMERS Core/Core Plus Private Real Estate manager search. Documents search process, candidate profile, semi-finalist screening of 19 managers, and finalist comparison between Harrison Street Core Property Fund and Kayne Anderson KACORE. Includes comparative performance, fee analysis, and summary matrix. Search conducted September 2022–April 2023.

NIC staff recommendation memo for Kayne Anderson Real Estate Partners VII, prepared by JoLynn Winkler (Senior Portfolio Manager) for the June 13, 2024 board meeting.

Monthly transaction report disclosing: Seattle Gateway I & II via LaSalle Separate Account ($88.1M, two-building Class A industrial 458,707 sf Seattle WA); Artemis Real Estate Partners Healthcare Fund III ($300M, healthcare-related real estate, existing relationship). NY affordable housing mortgage Buffalo NY ($23.4M).

Monthly transaction report disclosing: RFM-NYSCRF Affordable Housing Fund ($400M, domestic affordable housing fund-of-one by Related Fund Management, new relationship); Riverbank Apartments via JP Morgan Separate Account ($243.5M, 418-unit 44-story Manhattan West Side); Big Sky MOB via Heitman Separate Account ($49M, five-building medical office portfolio in 5 US markets).

ERSRI staff recommendation memo approving up to $25M commitment to Ventas Life Science and Healthcare Real Estate Fund (VLSHREF), a core/core+ open-end fund focused on life science, medical office, and seniors housing. Meeting date March 22, 2023.

Ventas manager presentation for Rhode Island SIC on the Ventas Life Science and Healthcare Real Estate Fund, a core/core+ open-end fund targeting life science, medical office, and seniors housing assets in top U.S. cluster markets.

The October 23, 2024 OIC meeting minutes document an OST Investment Committee approval (July 24, 2024) of a commitment to Harrison Street European Core Fund SCSP SICAV-RAIF from OPERF. Amount listed as $150M USD in the committee report. Disclosed in the Committee Reports section.

Aon Hewitt recommends up to $50M in KAREP VII, a closed-end opportunistic fund targeting specialized real estate sectors; target net IRR 15–18%.