Document library

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 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.

NEPC consultant recommendation memo for PA SERS commitment of up to $100M to Blue Owl Real Estate Fund VII LP. NEPC highlights the fund's triple-net lease (NNN) strategy, 100% investment-grade tenants at acquisition, 15+ years of consecutive distributions across prior funds, and $30B+ in total transactions since inception.

PA SERS Investment Office staff recommendation memo for up to $100M commitment to Blue Owl Real Estate Fund VII LP. Fund categorized in Real Estate / Value-Add/Opportunistic sub-asset class. Follow-on investment with existing manager. As of March 31, 2025, V/A/O sub-strategy was 45.7% of total RE portfolio.

FY2026 Annual Investment Plan with real estate section documenting seven CY2024 non-core commitments totaling $1.265 billion; consultant is Townsend Group.

Blue Owl formal GP presentation to VPIC for Blue Owl Real Estate Fund VII (OREF VII), net lease strategy. Shows firm AUM grown to $265.3B including acquisitions of IPI Partners (digital infrastructure) and Prima Capital (RE credit). Core Real Assets breakdown: $33.9B net lease, $15.5B RE credit, $14.2B digital infrastructure. Targets same ~8% annual net income as prior funds.

Staff and RVK joint recommendation for a $50M commitment to Blue Owl Real Estate Fund VII (net lease), included in the March 2025 VPIC board book. Describes the net lease strategy's income-generation focus, industrial/sale-leaseback orientation, and role as a diversifier to the core real estate portfolio.

Staff educational presentation on PERA's $3.9B Alternatives program covering Opportunistic, Real Assets, and Risk Mitigation sub-portfolios with portfolio construction, performance, and commitment history as of September 30, 2023.

RVK annual non-core real estate pacing study for VPIC recommending $70M/year in commitments over 2024-2028. Reviews current non-core RE portfolio, the UBS Trumbull core RE redemption situation, and recommends increasing the annual pacing from $60M to $70M to reach the 4% allocation target.

RVK due diligence recommendation letter for Angelo Gordon Net Lease Realty Fund V to VPIC. Recommends a $50M commitment. Covers the AG net lease strategy's 18-year history, non-IG tenant focus, and competitive differentiation versus Blue Owl.

RVK due diligence recommendation letter for Blue Owl Real Estate Fund VI to VPIC. Recommends a $50M commitment to the net lease core-plus strategy. Includes detailed merits, issues to consider, fund terms, and RVK's investment thesis.

Blue Owl formal GP presentation to VPIC on Blue Owl Real Estate Fund VI, their $24.8B AUM net-lease platform (fka Oak Street). Covers fund strategy targeting triple-net sale-leaseback transactions with investment-grade and creditworthy tenants, targeting ~8% annual net income, and track record across prior fully realized funds.

Angelo Gordon formal GP presentation to VPIC for AG Net Lease Realty Fund V. Covers the firm's specialization in credit and real estate, 18-year net lease track record executing $50B+ in global acquisitions, focus on non-investment-grade tenants in industrial/cold-storage/food production properties, and European net lease expansion.

RVK consultant tear sheet for Angelo Gordon Net Lease Realty Fund V summarizing terms, track record across AG net lease series, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

RVK consultant tear sheet for Blue Owl Real Estate Fund VI summarizing offering terms, track record, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

NEPC total-fund quarterly IPA presented to IC; placement agent disclosures record Lone Star Real Estate Fund VII ($75M, RE) approved Jan 2023.

Staff recommendation memo to Investment Committee recommending $75M each to Blue Owl Real Estate Fund VII (net-lease value-add) and Crow Holdings Realty Partners Fund XI (diversified value-add). Includes pacing analysis, fund comparisons, and fee negotiation details.

August 2023 board book investment update (data as of June 30 2023) listing cumulative FY2022-2023 real estate commitments including new addition Oak Street Real Estate Capital Fund VI LP ($50M CAPP). All FY2023 commitments totaled approximately $600M+ in CAPP. Real estate at $1.697B (12.02% CAPP), -1.96% 1-year.

Monthly transaction report disclosing: GID Mainstay In-Kind Fund ($300M, Class B multifamily US, GID Multifamily Investment Management); Asana Partners Fund IV ($200M, value-add neighborhood retail/mixed-use in urban US); Blue Owl Real Estate Fund VII ($300M, closed-end net-leased RE backed by investment-grade tenants); Blue Owl RE Co-Invest (N) ($100M sidecar); multiple NY affordable housing mortgages in Geneva, Camillus, Albany.

RVK combined 2026 pacing study covering private equity, non-core real estate, and private credit for VPIC. Non-core RE section recommends $100M/year for 2026-2030 (up from $70M) to reach 4% target from 2.4% current allocation. Portfolio shows Siguler Guff DREOF II, Blue Vista RE Partners V, Brookfield SREP III, Hammes Fund IV, AG Realty XI, Harrison Street X as active holdings.

Wilshire quarterly review with private real estate summary as of March 31, 2023 covering core funds (Heitman, Invesco) and value-add funds (AEW, Virtus, Brasa, Long Wharf) alongside asset allocation targets.

Wilshire Q3 2023 review with detailed private real estate summary as of September 30, 2023; shows seven RE funds including newly committed Long Wharf Real Estate Partners VII ($20M, March 2023).

Wilshire quarterly investment review for Q3 2024 with private real estate performance summary covering Heitman, Invesco Core RE USA, Invesco II, AEW Partners IX, Virtus RE Capital III, Brasa RE Fund II, and Long Wharf RE Partners VII.

Board packet for April 11, 2023 meeting includes Wilshire asset allocation analysis and ERF staff discussion sheets; documents private real estate core target of 2.5% and value-add target of 5.0% with scenario analysis for allocation changes.

Wilshire asset allocation update and Q4 2025 review; includes private real estate composite targets (core 12%, value-add 10% recommended) and PE/RE performance summary as of December 31, 2025.

Wilshire investment consultant review and asset allocation analysis for Dallas ERF; shows private core RE composite at $430M and value-add at $373M with fund-level detail for Heitman, Invesco, AEW, Virtus, Brasa, and Long Wharf funds.

Wilshire quarterly investment review for Q2 2024 with private real estate fund-level performance summary including Heitman America RE Trust, Invesco Core RE USA, AEW Partners IX, and Long Wharf RE Partners VII.

Wilshire Q4 2022 investment review with private real estate summary as of December 31, 2022 and 2023 strategic plan; covers core and value-add RE portfolio across Heitman, Invesco, AEW Partners IX, Virtus RE Capital III, and Brasa RE Fund II.

Wilshire asset allocation update presented December 2025 with private real estate target allocation review (core 5%, value-add 2.5% policy targets); includes Q3 2025 RE performance data.

Wilshire Q4 2023 investment review and capital market assumptions update with private real estate fundraising trends and portfolio summary; includes asset allocation rebalance data for core and value-add RE composites.

Aon recommends and Board approves $100M in Realty Income's open-ended US core-plus fund targeting diversified net-lease investments in industrial and retail properties across 33 states.