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The Firm The Firm is defined as UBS Realty Investors LLC and UBS Farmland Investors LLC, together Real Estate & Private Markets, Real Estate US. Both entities are registered with the US Securities and Exchange Commission as investment advisors. The Total Firm Gross Assets at December 31, 2022 were USD 27.6 billion, representing the fair value of total Firm assets held under management. Total Firm Net Assets represent the Total Firm Assets held under management less the fair value of…

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Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2026), Private Equity, Private Credit, and Real Assets (Q4 2025). Real Assets returned 1.4% in Q4 2025. Top real assets performer: Brookfield Super-Core Infrastructure (+2.4%). No new real assets commitments in Q4 2025 or Q1 2026. Total Real Assets net IRR since inception 10.13%.

Staff memo on alternative assets consultant services at the June 17, 2026 board meeting. Covers update or extension of SCERS' alternative assets consulting agreement.

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.

Jason Rothenberg (Head of Real Estate) presented the Q1 2026 RE Quarterly Activity Report. SWIB committed $40M to Bridge Logistics Value Fund II (Bridge Investment Group) in Q1 2026. Portfolio market value ~$11.9B (8.5% of CTF). Outperformance vs benchmark on 3-, 5-, 10-year periods.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2025. Total real estate portfolio generated a net return of -0.2% for calendar year 2025. Presented at June 9, 2026 Investment Committee meeting. Includes performance vs NCREIF ODCE and C|A Non-Core benchmarks, market update, and investment-level performance.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2026 (Item 6f Attachment 2, June 15 2026). Infrastructure portfolio 1-year return 8.9%, outperforming benchmark by 6.0%. 13 pages.

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

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.

: LS Power Equity Partners VI ... that the Public School Employees’ Retirement Board (the “Board”) ... accepts the recommendation of the Investment Committee and commits an ... amount not to exceed $200 million, plus reasonable and normal investment expenses, in LS Power Equity Partners VI, L.P., and/or related investment vehicles in accordance with the recommendation of Cody Steele, Senior Portfolio Manager and Aksia, LLC. ... The final terms and conditions of the investment are subject to…

Board meeting notice documenting Aksia's 2025 Real Estate Annual Review and Pacing Analysis and FY Second Quarter RE Performance Report, heard June 4, 2026.

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%.

Harrison Street adds three to core team — Exclusive Published: 04 May 2017 By: Meghan Morris The firm has hired Chip George from Deutsche Bank's Asset Management division, Colleen McMillin from Heitman and Ronald Miles from Equity Office. Harrison Street Real Estate Capital is expanding its core fund’s management team, PERE has learned. The Chicago-based firm hired three people to work on its open-ended core vehicle, Harrison Street Core Property Fund. ... Chip George is taking over as…

Ares Real Estate ... Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV”) ... | | 1 | | Launched in May 2022, AREOF IV is the fourth vintage in Ares Real Estate’s opportunistic series | ... | | | Fund Overview | AREOF IV is targeting in commitments and held its initial close in Q4 2022 $3.0 billion • 14 The Fund seeks to achieve a target net IRR of 15-17% • At this time, AREOF IV is targeting a final close on December 21st, 2023 • | ... | | 2 | Opportunistic | AREOF IV will follow an…

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.

FIRM OVERVIEW ... 3 PRINCIPAL U.S. PROPERTY ACCOUNT ... 4 PRINCIPAL U.S. PROPERTY ACCOUNT APPENDIX ... 16 PRINCIPAL ENHANCED PROPERTY FUND ... 36 PRINCIPAL ENHANCED PROPERTY FUND APPENDIX ... 53 IMPORTANT INFORMATION ... 67 ... PRINCIPAL U.S. PROPERTY ... The Principal U.S. Property Separate Account is an open-end, commingled real estate account available to retirement plans meeting the requirements for qualification under Section 401(a) of the Internal Revenue Code of 1986 (“Code”), as…

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.

Founded a half-century ago in 1975, Bridgewater Associates is one of the world’s leading alternative investment managers, long recognized as a global leader for macroeconomic insights, innovative portfolio construction, and industry leading track records. Throughout our history, we have formed close partnerships with many of the world’s largest and most sophisticated institutional investors, providing tailored solutions to help them achieve their most ambitious goals. ... Founded by Ray Dalio…

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Presentation and consideration of Artemis Real Estate Partners Fund V, L.P. (successor to Funds I-IV). Artemis acquired by Barings/MassMutual March 2025 ($482B AUM, $18.7B Artemis AUM). Diversified value-add platform targeting industrial, residential, alternatives via debt and equity. $2.5B fund target. 13-15% net IRR. Recommended commitment up to $250M. 18% realized net IRR across value-add fund series.

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.

Follow-on presentation for Lion Industrial Trust (LIT), an open-end core-plus industrial fund managed by Clarion Partners ($72B AUM, majority-owned by Franklin Templeton). $20.4B NAV / $32.4B GAV as of Dec 31, 2025. CRPTF first invested in 2015. Top-performing core fund. 9.5-11.5% net return target. Recommended follow-on commitment up to $150M. Includes West (42%), South (15%), East (22%) geographic exposure.

Longpoint Realty Partners IC presentation on Longpoint Fund IV, an industrial/multifamily value-add fund, to the CTPF Investment Committee on May 7, 2026.

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

Belay Investment Group finalist presentation on Belay RE Ventures Fund IV (MWDBE value-add RE) to CTPF at the May 7, 2026 Investment Committee MWDBE Real Estate Search meeting.

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.

ICM packet for May 6 2026 containing a staff progress report on ACERA's Real Assets Investment Plan (2025–2034). Reports that four private real assets commitments were made in 2025 totaling approximately $155M: Ares Secondaries Infrastructure Solutions III ($45M), Brookfield Global Transition Fund II ($40M), Rockland Power Partners V ($30M), and Blackstone Infrastructure Partners (amount TBD). In 2026 year-to-date, ISQ Global Infrastructure Fund IV ($40M) was committed under delegated authority. No private natural resources investments made in 2025.

Real Assets - Open-End Real Estate Composite 364,678,426 -1,554,505 3.5 7.0 UBS Trumbull Fund Core Real Estate 199,766,125 -1,554,505 1.9 - Clarion Lion Properties Fund Core Real Estate 164,912,301 - 1.6 - ... NFI-ODCE 0.0 0.0 1.2 2.0 1.6 -3.2 -3.3 2.1 2.3 3.7 3.3 UBS Trumbull Fund 1.1 1.1 3.5 5.0 2.9 -1.9 -3.7 1.0 -0.2 - 1.1 Feb 17

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.

Meketa Q4 2025 quarterly performance review: real estate NAV $7.7B (new SAA); NCREIF ODCE 4.9% one-year; real estate allocation vs policy target; TRS RE team won PERE Institutional Investor of the Year Award in North America.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 29, 2026 regular meeting, covering capital markets through February 28, 2026, and portfolio update including real estate and real assets holdings.

Aon Q1 2026 quarterly investment review for Oklahoma TRS Board covering performance through March 2026 including real assets and private markets.