Document library

PRIM's April 2025 RFP for private real estate appraisal services, covering PRIM's approximately $10B core private real estate portfolio; led to selection of Altus Group.

Board meeting notice documenting Meketa's Q4 2024 performance review, implementation plan, benchmarking analysis, and investment manager fee review for COPERS, heard April 3, 2025.

ICM packet for April 2 2025 containing the updated ACERA Real Assets Policy (NEPC-prepared) as an action item, plus the 2025 Real Assets Investment Plan (2025–2034). The plan targets a 6% total fund weighting for real assets with a 67% private infrastructure / 33% private natural resources sub-class split. NEPC proposed using a liquid pool (S&P Global Infrastructure Index 60% / S&P Global LargeMidCap Commodity and Resources Index 40%) while building the private portfolio. Commitment pacing of $120–$170M/year planned.

CIO quarterly review for Q4 2024; new commitments of $405.5M across asset classes including Real Estate & Infrastructure; REID unfunded ~$2.8B.

Aon Q1 2025 quarterly investment review for Oklahoma TRS covering total fund performance through March 2025, real estate composite returns, and private markets allocation.

Meketa Q1 2025 private markets report for Oklahoma TRS covering real estate (31 funds, $2.54B committed, $1.67B FMV), IRR 5.2%, with fund-level performance detail.

Audited IFRS financial statements for BCI's Realpool Global Mexico pooled fund, a Latin America-focused real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Albourne Partners presented a Real Assets Education session to the Real Assets Committee covering portfolio strategy, infrastructure, natural resources, and market context for LACERA's real assets portfolio.

Audited IFRS financial statements for BCI's Realpool Global pooled fund, a globally diversified real estate equity vehicle managed by QuadReal, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension A pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Realty pooled fund, the primary Canadian real estate equity vehicle, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Multi-Asset Realty pooled fund covering globally diversified real estate equity for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal Real Estate Debt pooled fund, covering $3.2B+ in mortgage and real estate debt investments, for fiscal year ended December 31, 2024.

Audited IFRS financial statements for BCI's QuadReal US Pension C pooled fund, a U.S. real estate equity vehicle for BCI pension clients, for fiscal year ended December 31, 2024.

NEPC Q1 2025 quarterly investment consultant performance report for TMRS Board, covering real assets composite performance under the new simplified asset allocation framework effective January 1, 2025.

NEPC Q4 2024 quarterly investment consultant performance report for TMRS Board, noting real estate declined 0.29% (vs. benchmark -8.04%) for the year ended December 31, 2024.

Meketa Investment Group due-diligence summary memo on Raith Real Estate Fund IV for ERSRI's non-core real estate allocation. Dated March 26, 2025.

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.

PSERS staff presentation and board resolution committing up to €75M to Realterm European Logistics Fund II, SCSp (RELF II). Realterm is a highly experienced owner-operator of mission-critical, transportation-oriented industrial logistics properties at major European transfer hubs. Target 30-50 asset portfolio. Board approved March 21, 2025.

Board approval page for the March 21, 2025 SBI meeting confirming authorization of private markets fund commitments.

FEG Q4 FY2024 investment update covering LTIP real estate performance (+1.7% relative contribution); real estate allocation 6.2% of $1.13B pool.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q4 2024), Private Equity, Private Credit, and Real Assets (Q3 2024). Real Assets returned 0.8%, outperforming benchmark. Infrastructure-led performance.

Verus ALM study conclusions and strategic asset allocation revisions approved at March 19, 2025 board meeting. Revised real estate target from 9% to 8% (range 6-10%), revised real assets target from 7% to 5% (range 3-7%), increased private credit to 10% target. Reduction in real estate target reflects continued underallocation and market conditions.

Townsend Group quarterly real estate performance report for SCERS covering Q4 2024 (quarter ended December 31, 2024). Portfolio 6.5% allocated vs 9.0% target. Top performers: Townsend RE Fund (+4.9%), MetLife Core Property Fund (+1.9%), Sculptor RE Fund III (+8.5%). New Q4 2024 commitment: Sculptor Real Estate Fund V ($50M non-core).

SCERS Annual Investment Operations Report presented at March 19, 2025 board meeting. Reviews all investment activity, manager lineup, and operational metrics for the prior year across all asset classes including real estate.

Investment Committee agenda for Mar 18 2025 recommending top-off and co-invest commitment to Starwood Distressed Opportunity Fund XIII, L.P. (Starwood Capital Group).

BERS staff memo recommending Meketa Investment Group as new private markets investment consultant covering real estate, infrastructure, and private equity, replacing Aksia CA; includes Meketa selection rationale memo.

Quarterly performance deck (Dec 31, 2024): UCRP real estate $6.96B – BREIT 49% ($3,387M), Legacy 51% ($3,573M); 5.8% one-year return.

Meketa Investment Group semi-annual real estate performance review for CalPERS for the period ended December 31, 2024 (Item 6a Attachment 5, March 17 2025). RE portfolio comprised 71.6% of Real Assets. Returns exceeded benchmark for 1-year period. 14 pages.

CalPERS Investment Committee agenda staff memo for Item 6a, March 17 2025. Trust Level Review Consultant Report introducing Wilshire performance review and Meketa semi-annual program reviews. Meketa RE Performance Review (Dec 31 2024) is Attachment 5; Meketa Infrastructure is Attachment 6.

PSERS Investment Committee pre-deliberation meeting March 13, 2025 covering Realterm European Logistics Fund II SCSp, I Squared Infrastructure Credit Fund II, I Squared Infrastructure Fund IV, K6 Private Investors, and Stellex Capital Partners III. Formal action at March 20, 2025 board meeting.

IFC minutes from March 5 2025 embedded in APERS March 2025 board packet. Board approved three new core infrastructure managers: CBRE, IFM, and JPMorgan (each $50-75M). Approved StepStone Group LP as secondary real estate manager (paired with Neuberger Berman). Approved Blue Owl IPI (AI/data center infrastructure strategy) for $50-75M. Also includes Callan Q4 2024 real assets report showing performance for Carlyle, Clarion, Invesco, Heitman REIT, Principal Enhanced Property Fund, Harrison Street VIII/IX, Heitman Value Partners IV, LaSalle VI/VII, TA Realty XII/XIII.

Staff memo and presentation on SFERS liquidity management; 2025 Real Assets commitment pacing set at $550M (down from $600M); total private markets allocation 51% vs 40% target; worked with Cambridge Associates on cash flow and commitment pacing models.

CalSTRS Investment Committee item for RFA semi-annual real estate performance report for period ending September 30, 2024; presented March 12, 2025.

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.

ICM packet for March 5 2025 containing NEPC's information item reviewing proposed amendments to ACERA's Real Assets Policy (with redline), plus NEPC's semiannual total fund performance review for December 2024. The RE policy review (as information item ahead of the April 2025 approval) covers proposed changes to sub-class targets, liquid pool proxy strategy, and delegated authority. The March packet also contains the Emerging Markets equity manager finalist interviews.

Mandatory Quebec filing listing all private-market real estate fund investments as at December 31, 2024, including Greystar Growth and Income Fund, Greystar Equity Partners X, Blackstone RE Partners, Rockpoint, TPG RE Partners, Aermont, and GTIS Brazil RE Fund III-A.

CDPQ 2024 annual report covering the real estate portfolio (-10.8% return); key RE transactions include Walker & Dunlop residential partnership (US$500M), Scape/APG student housing JV (AUD 1B), and URBZ Capital logistics in Sweden.

Q4 2024 board quarterly update documenting PRIM Board approval of $150M each to DWS Group and PGIM Real Estate for active U.S. REIT equity mandates, plus benchmark recommendations for real estate.

PSERS Investment Office private real estate asset class review presented February 28, 2025. Covers portfolio role, performance (outperformed benchmark by 310bps as of June 2024), market update for industrial and multifamily, strategic plan, and 2025 Aksia pacing model recommending $300-$600M annual commitments. Portfolio at 6% SAA target allocation.

IMD staff rebalancing overview showing non-core real estate underweight at 1.6% vs 3.0% SAA target and core real estate near-target at 4.9%; Phase II to deploy capital via private market pacing plans in May 2025.

NEPC quarterly private real assets report as of September 30 2024, presented at the February 25 2025 StanCERA Board meeting. Covers performance of real estate and real assets holdings including Morgan Stanley Prime Property Fund, PGIM US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, and TA Realty Fund XIII. Includes AB2833 alternative investment fee and expense report for FY2024. Bundled in February 25 2025 board book.

Adelante Capital Management monthly REIT manager report for January 2025. Performance: outperformed Wilshire US REIT by 19 bps (month) and 20 bps (quarter). Best holding: ProLogis +12.6%; worst: Digital Realty Trust -7.6%. Includes commercial RE outlook noting signs of stabilization in office and retail. New positions: Agree Realty and VICI Properties.

Staff memo (February 21, 2025) documenting real estate contract actions: BRASA III LP amendment, Cabot Industrial Value Fund VI management services consent, Newport Capital Fund III advisory committee consents.

RCLCO Fund Advisors Q3 2024 semi-annual real estate strategy presentation for CalSTRS Investment Committee covering performance through September 30, 2024.

Quarterly portfolio allocation report showing real estate composite with core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); presented at February 20, 2025 board meeting.