Document library

PSERS Investment Committee June 17, 2026 full meeting covering Capital Markets/Stress Test/Liquidity Update, GIPS reporting, General Consultant RFP Update, BNY Mellon motion, TPG Peppertree Fund XI-A motion, and PAI Mid-Market Fund II SCSp motion. Executive session includes confidential updates on certain private real estate holdings.

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

CalPERS staff presentation for the Real Estate Annual Program Review as of March 31, 2026 (Item 6e Attachment 1, June 15 2026 meeting). 13-page deck covering RE program overview, market environment, performance and risk analyses, and key initiatives. Presented by Sarah Corr, Edward Yrure, Jane Delfendahl.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2026 (Item 6e Attachment 2, June 15 2026). 17 pages.

Callan investment consultant quarterly performance review for Q1 2026 presented to the COPERS board June 4, 2026; includes real estate allocation (~10.7%) and NCREIF benchmarking.

Callan LLC quarterly real assets report for period ending March 31 2026, embedded in APERS June 2026 board packet. Core RE: Carlyle Property Investors 1.27%, Clarion Lion Industrial Trust 0.60%, Invesco Real Estate -0.12%, Heitman Real Estate Trust LP 1.74%, Principal Enhanced Property Fund 1.82%. Non-core RE: Harrison Street Fund VIII 6.65%, Harrison Street Fund IX 11.41%, Harrison Street Fund X 0.00% (newest vintage), Heitman Value Partners IV -0.05%, Heitman Value Partners VI -6.08%, LaSalle Income & Growth VI -3.98%, LaSalle Income & Growth VII 2.91%, TA Realty XII 0.06%, TA Realty XIII 0.15%. Blue Owl Digital Infrastructure III 19.21% 1-year. CBRE Global Infrastructure Fund 0.00% (new). JPM Infrastructure Investment Fund 3.33% (new). IFC Core Farmland Fund 0.00%. PGIM Agriculture 0.59%.

NEPC's quarterly performance review for PSPRS as of March 31, 2026, presented to Board of Trustees (Neil Sheth and Rose Dean). Trust at $25.9B, 13.38% FYTD (rank 32nd percentile). PSPRS ex-Workout Real Estate Portfolio: 3-year 13.38%, 5-year 10.68%, 7-year 8.10% (rank 5th percentile), 10-year 8.83% (rank 16th percentile). RE vintage IRR spread analysis vs MSCI Private Comparables. Detailed market analysis including S&P 500 earnings forecasts, rate cut probabilities, and fixed income outlook. Neil Sheth presenting (new NEPC contact).

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.

Northern Trust private markets program report as of December 31 2025 presented at the May 26 2026 Board meeting. Real estate program note: Board adopted rebalance plan to rightsize PGIM US Debt and Prime Property Fund allocations and add Clarion Alternative Sectors Fund; rebalance expected to begin second half of 2026. PGIM debt provided excellent downside protection. Covers all current RE managers. Bundled in May 26 2026 board book.

Verus total fund investment performance review for SCERS for Q1 2026. Covers all asset classes. Real estate portfolio at 6.1% vs 8% target.

STRS Ohio investment committee agenda package for May 2026 meeting covering April 2026 returns (+4.2%), rebalancing discussion; real estate allocation approximately 7.7% of $108.3B total portfolio.

ERS staff presentation to the Joint Board-IAC reviewing private real estate and infrastructure programs; $10% target allocation, externally managed via commingled funds, benchmarked to NCREIF-ODCE.

RE overview for May 2026 meeting by Amit Aggarwal. RE = 6.0% of CRPTF ($67.9B) as of Dec 31 2025. 2026 pacing plan: $600M core, $550M non-core. With LIT ($150M), Artemis Fund V ($250M), and earlier Smart Markets Fund ($200M), $550M remains against target. Residential (35%) and Industrial (27%) dominate portfolio by sector. All recommendations are existing managers.

Nevada PERS Investment Managers Report as of March 31, 2026. Lists all investment managers by mandate. Private Real Estate mandates: AEW (retained 2012, ~$1.525 billion) and Invesco Realty Advisors (retained 1992, ~$1.525 billion). Investment Consultants: Callan Associates (retained 1983) and Jobs Peak Advisors (retained 2016). Also lists strategic investment advisor Jobs Peak Advisors.

Nevada PERS Investment Report as of March 31, 2026. Shows asset allocation including Private Real Estate at approximately 4.5% of total fund (target 6%). Covers Private Markets allocation comprising private real estate and private equity. Total PERS fund approximately $70+ billion.

NEPC quarterly investment performance report covering BCFPERS real estate composite (~$370M, 9.9% of portfolio) including Core Real Estate (Clarion Lion Properties, Principal Global Investors) and value-added/opportunistic private real estate partnerships.

Nevada PERS Official Policies including Investment Objectives and Policies adopted April 2026. Private Real Estate target allocation: 6% (range 4%-8%). Investment objective: NCREIF Property Index less 0.75% per year net of fees over rolling 10-year periods. Eligible property types: industrial, multifamily, office, and retail. Two managers: AEW and Invesco Realty Advisors in core separate accounts with no leverage.

Audited IFRS financial statements for BCI's QuadReal Multi-Asset Realty pooled fund covering Canadian and global diversified real estate equity holdings for fiscal year ended December 31, 2025.

Audited IFRS financial statements for BCI's QuadReal Realty pooled fund, BCI's primary Canadian real estate equity vehicle, for fiscal year ended December 31, 2025.

Q1 2026 quarterly investment report covering private investments real assets sub-portfolio including real estate, infrastructure, timber, commodities, and agriculture/farmland.

NEPC's 2026 capital markets assumptions for PSPRS with major real estate benchmark recommendation. Ten-year RE forecasts: Core 5.5% (-0.4% vs prior year), Value-Add 6.6% (-0.4%), Opportunistic 7.7% (-0.2%), Private Debt RE 6.3% (-0.2%). Recommends replacing current Russell 3000+1% GPE benchmark with blended benchmark: NCREIF ODCE (for RE component, currently 35% of GPE) plus Russell 2000+200bps for buyouts/VC/real assets. RE is 35% of GPE actual allocation as of June 2026. Real estate allocation of $4.6B across 19 managers.

PSERS Investment Committee March 19, 2026 full meeting covering Q4 2025 Investment Performance Review, Private Markets Continuing Delegations, DRA Growth and Income Fund XII (motion), and executive session on directly held real estate. Verus/Cerity merger update included.

PSERS staff presentation and board resolution committing up to $150M to DRA Growth and Income Fund XII, LLC. DRA is a focused value-add investor across property types in the United States with $11.1B strategy invested capital. Target 12-15% net IRR, 1.5-1.7x MoC; $2.25B target size. Board approved March 19, 2026.

FEG Q4 FY2025 investment update covering LTIP real estate performance; real estate returned +9.2% for the quarter and contributed +4.2% over ten years.

Educational overview of PERA's $6.6B real estate program presented by Director of Real Estate C.H. Meili and team, covering direct investments, fund investments, property types, and performance.

Townsend Group's full real estate portfolio performance measurement report for Q4 2025 embedded within Item 18 (corrected version). Core Portfolio returned 1.3% vs NFI-ODCE 0.7%; Non-Core 0.1% vs benchmark 0.9%. Portfolio 6.1% of plan ($932M). Updated policy benchmarks: 60% NFI-ODCE / 40% NFI-ODCE+1%.

StepStone real estate Q3 2025 quarterly report; Q4 2025 commitments: Ares US Real Estate Fund XI ($90M), PCCP Equity X ($90M), Raith Real Estate IV ($45M).

PSERS Investment Committee pre-deliberation meeting March 12, 2026 covering DRA Growth and Income Fund XII, LLC (real estate), Bain Capital Special Situations Asia III, LS Power Equity Partners VI, and Warwick Partners V. Formal action at March 19, 2026 full meeting.

Meketa calendar year-end 2025 performance review. CRPTF returned 14.0% in 2025 vs. benchmark 14.3%. RE at 4.8% ($7.98B total CRPTF assets reference); positive contributions noted from underweight to RE. Q4 2025 RE returned +1.4%. Includes asset allocation update and hedge funds educational session.

FY2025 annual report with investment manager listing for real assets and real estate; $2.72B RE allocation at June 30 2025 (10% of $28.7B fund)

Callan LLC quarterly real assets report for period ending December 31 2025, embedded in APERS March 2026 board packet. Core RE: Carlyle Property Investors 1.79%, Clarion Lion Industrial Trust 2.11%, Invesco Real Estate 0.34%, Heitman Real Estate Trust LP 0.88%, Principal Enhanced Property Fund 1.65%. Non-core RE: Harrison Street Fund VIII -0.67%, IX 2.91% (fiscal YTD), Heitman Value Partners IV -0.05%, Heitman Value Partners VI -6.08% (new), LaSalle Income & Growth VI -3.98%, LaSalle VII 2.91%, TA Realty XII 0.06%, TA Realty XIII 0.15%. Blue Owl Digital Infrastructure III 0.06% quarter / 4.21% fiscal YTD. LaSalle leadership transition: Brad Kessler as Global COO leading Americas IC from Jan 1 2026.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending September 30, 2025; presented March 4, 2026.

IPERS Calendar Year 2025 Annual Investment Summary — standalone public document. Includes CY2025 performance for private real assets program. Details onboarded managers from the December 2025 Real Estate Equity Search (BentallGreenOak U.S. Core Plus SMA, CBRE U.S. Core SMA) and status of Kayne Anderson KAREP VII, Macquarie MIP VI, and other non-core mandates.

PSERS public quarterly disclosure report for private markets as of September 30, 2025. Private Real Estate: $5,974.4M NAV, 22.5% of total PM portfolio, 8.6% ITD net IRR, 1.3x TVPI, 3.8% direct alpha vs public real assets benchmark over 10 years. Includes full manager-level detail.

NEPC quarterly investment performance report covering BCFPERS real estate composite (~$344M, 10.2% of portfolio) with Core Real Estate at ~$96M and Value Added/Opportunistic at ~$216M; private real assets composite at ~$181M.

Mandatory Quebec filing listing all private-market real estate fund investments as at December 31, 2025, including Greystar, Blackstone, Rockpoint, TPG, Scape, Round Hill, CapitaLand, Aermont, KingSett, and GS UK Multifamily funds.

La Caisse 2025 annual report covering the real estate portfolio (0.2% return for 2025); key transactions include Affinius Capital Data Center Fund, Scape student housing, and Stonecutter office JV with PIMCO.

NCIA board performance review (AUM $208.23B as of 12/31/2025) covering core RE and non-core RE, recent commitments (RXR NC Development Partners $189M, RXR Cardinal Venture LP $500M), commercial real estate debt co-investments in diligence.

Adelante Capital Management monthly REIT manager report for January 2026. Portfolio performance: +4.58% month, +6.9% 1-year. Best holding: Alexandria Real Estate Equities +11.9%. Market commentary: constructive start to the year for commercial RE. Portfolio $630M.

RCLCO Fund Advisors Q3 2025 semi-annual real estate strategy presentation for CalSTRS Investment Committee, covering performance through September 30, 2025.

Verus total fund investment performance review for SCERS for Q4 2025. Covers all asset classes including real estate (6.5% allocation vs 8% target) and real assets. Full performance attribution across public equity, fixed income, alternative assets, and real estate.

ICM packet for February 4 2026 containing NEPC's 2026 capital market assumptions presentation (as of December 31 2025), including 10-year return forecasts for real estate core, real estate non-core, private debt real estate, and private real assets infrastructure. Also covers NEPC's total portfolio approach education session, overlay/cash equitization education, and Callan's affordable housing real estate education Part 1.

Northern Trust private markets program report covering June and September 2025 data, prepared for the January 27 2026 Board meeting. Notes real estate program PGIM fund has grown disproportionately due to relative outperformance and opportunity to rebalance program. Covers Morgan Stanley Prime Property, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII, Brookfield BSREP V, Graceada Partners IV, PIMCO EDCO. Meketa transition complete. Bundled in January 27 2026 board book.

Quarterly investment manager compliance and watch list report for Q4 2025 presented at the January 21, 2026 board meeting. Reviews compliance status of all investment managers including real estate fund managers.

Comprehensive 2026 private markets pacing plan presented by Mark Evans and Denise Stake. RE target: $600M core, $550M non-core, $1.15B total in 2026. CRPTF grown to $67.9B projected for 2025 year-end. Strategic goal: reach 10% RE allocation by 2028. Includes multi-year pacing charts through 2035. INR 2026 target: $800M. PE: $2.4B. Credit: $1.1B.

2026 Real Estate pacing plan overview presented alongside broader private markets pacing review. 2026 targets $600M core and $550M non-core RE commitments ($1.15B total). Strategic objective to reach 10% RE allocation by 2028. Presented January 14, 2026; no RE fund presentations at this meeting (PE-focused session).