Document library

CalSTRS staff semi-annual activity report for real estate as of December 31, 2025, listing $3.178B in new commitments including Heitman CMA Fund VI, Artemis Healthcare Fund III, Harrison Street CMA, TPG Real Estate Credit Opportunities, and LaSalle Property Planet Protection.

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

Statutory report listing ISBI's Illinois real estate investments by property address; $89M in direct Illinois RE property exposure and $95.6M managed by Illinois-based RE managers as of March 31 2025

Harrison Street Capital full GP presentation to VPIC for Real Estate Partners X, LP. The 71B AUM firm (Colliers 75% owned) exclusively focused on alternative real assets since 2005. Fund X targets $2B/$3B hard cap at 13-15% net IRR, continuing strategy of student housing, senior housing, healthcare delivery, life sciences, data centers and storage across North America and Europe.

RVK tear sheet for Harrison Street Real Estate Partners X, LP summarizing terms ($2B target/$3B hard cap, 13-15% net IRR target), track record across Funds I-IX, and strategy focused on demographic-driven needs-based alternative real estate (student housing, senior housing, healthcare, data centers, storage). First close targeted June/July 2025.

EVPCFO disclosure of follow-on commitments: $75M to Merit Hill Capital (US value-add self-storage) and ¥7B to Star Asia Group (Japan real estate special situations), both committed in 2022.

NEPC investment consultant joint fund recommendation report for Alterra IOS Venture III presented to VCERA at the April 17, 2023 Disability & Business Meeting.

Fund presentation deck for Alterra IOS Venture III, L.P. (industrial outdoor storage real estate) presented to VCERA at the April 17, 2023 Disability & Business Meeting. VCERA approved a $35 million commitment.

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.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $35 million commitment to Alterra IOS Venture III at the April 17, 2023 Disability & Business Meeting.

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.

TPG Angelo Gordon full GP presentation to VPIC for Realty Value Fund XII, the firm's value-add real estate flagship (12th in series, AUM ~$99B total / ~$20B real estate). Strategy targets middle-market US real estate under $150M cap with ~100 local operating partners, focusing 60% on residential/industrial and ~25-30% alternatives (self-storage, student, senior, MOB). Committed $50M approved at March 2026 meeting.

RVK tear sheet for TPG AG Realty Value Fund XII, value-add real estate strategy. $3B/$4B target fund size. TPG Angelo Gordon ($99B AUM, ~20% in real estate) targeting middle-market US assets under $150M total cap across residential, industrial, and alternatives. 12-14% net IRR target. First close March 2026.

Monthly transaction report disclosing: WCP NewCold III ($400M, global cold-storage fund, Westport Capital Partners, new relationship); Fairfield US Multifamily Value-Add Fund IV ($250M, fourth in series, closed-end value-add); Fairfield VAIV Co-Investment ($150M sidecar); Tamarron Homes via JP Morgan Separate Account ($49.6M, 164-unit SFR Katy TX); The Aster via Clarion Separate Account (207-unit hi-rise Dallas TX).

Monthly transaction report disclosing: WCP NewCold Fund N ($200M, co-invest sidecar alongside WCP NewCold III, Westport Capital Partners); NY affordable housing mortgages in Rome NY and Ovid NY.

ERSRI staff recommendation memo approving up to $15M commitment to SROA Capital Fund IX, a value-add self-storage fund targeting acquisition of institutional and non-institutional self-storage properties across the U.S. Meeting date October 2, 2024.

SROA Capital company overview presentation for Rhode Island on Fund IX, a value-add self-storage fund. Public deck dated September 2024.

Meketa Investment Group due-diligence summary memo on SROA Capital Fund IX for ERSRI's non-core real estate allocation. Dated September 2024.

Raith Capital Partners public presentation for Rhode Island on Real Estate Fund IV, a diversified opportunistic fund targeting distressed and complex commercial and residential real estate in the U.S. Public deck.

UBS Trumbull Property Fund (Paul Canning, CIO) presented portfolio update at Feb 11, 2025 Investment Committee; fund in full redemption with ~$17.5M outstanding; -1.59% gross return 2024.

ACFR for fiscal year ending June 30, 2025; CIO report covers real estate portfolio at $531.5M (9% of fund, 34 RE funds plus one timberland fund), returning 6.8% for the year, with managers including AEW, Cabot, EQT Exeter, Kildare, Rialto, and Timberland Investment Resources.

Open-session education presentation by two WSIB real estate intermediaries covering US real estate market outlook including tariff impacts on industrial, residential rationale, retail supply, self-storage demand, and office market dynamics.