Document library

Verus total fund investment performance review for SCERS for Q4 2024. Covers all asset classes including real estate. Follows completion of the ALM study and strategic asset allocation revision lowering real estate target to 8%.

NEPC total-fund IPA for period ending Dec 31, 2024; covers NMERB private real estate composite performance; presented at Feb 2025 BOT meeting.

Meketa Investment Group quarterly total fund performance report for period ending December 31, 2024, including ERS real assets allocation and performance attribution.

Albourne (William Greenwood and Sean Crawford) presented quarterly report covering Infrastructure, Natural Resources, and Real Estate portfolios as of December 31, 2024 at February 13, 2025 board meeting.

Callan quarterly real estate portfolio performance report for NHRS for the period ending September 30, 2024, included as informational material at the February 11, 2025 IIC meeting.

Board of Retirement staff report (File 25-038) covering Q4 2024 deal flow for both private equity and private real estate; 12 of 36 proposed investments approved; 2025 pacing plan budgeted at $650M PE and $145M RE.

Staff memo from Retirement Investment Officer Conor Hinds reporting on fourth-quarter 2024 investment activity. Real estate manager activity includes: October 14, 2024 — introduction to ACORE private credit investment; November 4, 2024 — Graceada Real Estate Annual General Meeting in Sacramento; November 12–14, 2024 — Invesco Real Estate Annual Global Client Conference in San Diego (annual fund meetings and property tours); November 18, 2024 — Ares AREOF III and Ares US RE Fund X fund updates. No new real estate commitments were made in Q4 2024 (new commitments were in private credit and private equity only). Portfolio exceeded $7B on December 6, 2024.

ICM packet for February 5 2025 containing NEPC's 2025 capital market assumptions presentation (as of December 31 2024), including 10-year return forecasts: Real Estate Core 5.5%, Real Estate Non-Core 7.2%, Private Debt Real Estate 6.3%, Private Real Assets Infrastructure 6.7%. Also includes ACERA's proposed 2025 ICM workplan and a delegated authority report on Orchard Global EleganTree Opportunities Fund III ($60M private credit opportunistic).

Minnesota SBI Annual Report for fiscal year ending June 30, 2024. Covers private markets program performance including real estate and real assets allocations, manager roster (KKR, Carlyle Group, Rockpoint, AG, Blackstone, Oaktree, Brookfield among others), and portfolio overview.

NEPC quarterly report covering BCFPERS real estate composite (~$344M, 10.2%) and real assets composite (~$525M, 15.6%); includes private RE partnership performance tables.

NJ Division of Investment staff presentation to the State Investment Council covering Fiscal Year 2024 performance (10.74% net return). Notes addition of private real estate and private credit sleeves to the Emerging Managers Platform as of December 31, 2024, and a second Emerging Managers Symposium in June 2024. Presented at the January 29, 2025 annual meeting.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the January 29, 2025 regular meeting, covering capital markets update, pension fund performance as of December 31, 2024, and real estate/real assets portfolio detail including modifications to KSL Tactical Opportunities Fund II.

Staff private markets program report as of September 30 2024, part of the January 28 2025 board book. Real estate program includes core and value-add strategies (open-end and closed-end funds). PGIM real estate debt fund and Grandview I provide performance support. Includes new Brookfield BSREP V commitment. Covers Morgan Stanley Prime, PGIM US Debt, American Strategic Value Realty, Greenfield VII, Grandview I & II, TA Realty XIII.

US Agriculture LLC formal GP presentation to VPIC for the US Core Farmland Fund, updated through Q3 2024. Covers the firm's 100+ year Halderman/Hageman heritage, 57-farm $625M portfolio across 64K gross acres, diversified row and permanent cropland strategy, NCREIF Farmland Index benchmarking, and ESG/sustainability program. VPIC approved a $35M commitment.

Meketa Investment Group due-diligence summary memo on Greystar Essential Housing Fund I for ERSRI's non-core real estate allocation. Dated January 28, 2025.

Presentation and consideration of BIG Real Estate Fund III, L.P., a non-core real estate fund presented by Denise Stake (PIO) and Philip Conner (IO). Committed at $200M. Part of 2025 pacing plan non-core allocation. Also at same meeting: GCM/CT Real Estate Small and Middle Market Fund, L.P. and 2025 pacing plan overview.

Board of Retirement staff report (File 24-453.1) recommending approval of the 2025 Real Estate Pacing Plan targeting up to $145M in commitments across core (including RE debt) and non-core strategies.

ICM packet for January 8 2025 containing NEPC and Staff's information item reviewing proposed amendments to ACERA's Private Equity Investment Policy. The policy explicitly cross-references the Real Estate Policy and Real Assets Policy, noting that opportunistic real estate investments are covered under the PE policy. The proposed workplan for 2025 shows upcoming real estate items including a real estate policy amendment and a possible real estate core investment decision.

Hamilton Lane 2025 annual real estate strategic plan for SBCERS; covers portfolio snapshot ($466.7M market value, 47 active partnerships), 2024 $60M commitment review, 2025 $45M pacing target, manager monitoring, and strategic allocation targets.

CIO quarterly review for Q3 2024 presenting new commitments within Real Estate & Infrastructure Division; discusses public vs. private real estate themes.

Investment Committee agenda for Jan 7 2025 recommending a top-off commitment to NB Real Estate Secondary Opportunity Fund II, L.P. (supplementing the 2024 initial commitment), part of the $555M 2025 alts pacing plan.

Fiduciary and conflict of interest review covering April 1, 2021 through March 31, 2024. Describes governance of real estate and real assets investments including roles of the Real Estate Advisory Committee (REAC) and Internal Investment Committee (IIC) in reviewing fund commitments. Covers placement agent policies, code of ethics, and manager relationships.

Complete asset listing as of March 31, 2025 including all real estate investments (pages 140-143) and real assets investments (page 160). Lists 100+ funds with book and fair values including: Blackstone BREP Asia I-III, BREP Europe VI-VII, BREP V/VI/VIII/IX/X, Blackstone Property Partners, Blue Owl Digital Infrastructure Fund III, Brookfield SREP II-B/III-B/IV, Carlyle Europe RE Partners III, Cortland Enhanced Value VI, Exeter Europe Logistics IV, KKR REPA III, LaSalle Property Fund, Oaktree RE Opportunities VIII-IX, Stockbridge RE Fund II-D/III-A, Trumbull Property Fund, WCP NewCold III, and many others.

Annual comprehensive financial report for the year ended March 31, 2025. Includes full real estate investment listing (140+ funds including Blackstone BREP series, Brookfield SREP IV, Carlyle Europe RE Partners, KKR REPA, Oaktree RE Opportunities, Stockbridge RE Fund III, Trumbull Property Fund, LaSalle Property Fund, Asana Partners Fund III, Artemis Healthcare Fund II, EQT Exeter Europe Logistics IV, and many others). Real estate target allocation 9.0%, actual 9.33%.

Meketa Q4 2024 interim private markets report covering Oklahoma TRS real estate portfolio of 31 funds ($2.54B committed, $1.64B FMV) and private equity program.

Aon FY2025 asset-liability study for Oklahoma TRS recommending shift from 10% real estate target to a broader real assets allocation of 10% inclusive of infrastructure.

Callan Capital Market Review Q4 2024 distributed to CMERS. Real Estate/Real Assets section: 'Valuations May Have Bottomed; REITs Fall'. Shows Real Estate ODCE Style 0.9% Q4, 1.2% 1-yr, -5.1% 3-yr. NCREIF Property -6.2% 1-yr. ODCE redemption queues approximately 13% of NAV. Transaction volume analysis, cap rate analysis. Munir Iman from Callan's Real Assets Research group identified as author.

TMRS 2024 Completed Investments Report showing WCP NewCold III L.P. ($100M commitment in September 2024, cold-storage real estate) as the sole real estate fund committed during the year.

TMRS Private Investment Performance Report listing all ~45 real estate fund investments as of December 31, 2024, spanning core, value-add, and opportunistic strategies across US and European markets.

ERS 2024 Annual Report disclosing real estate holdings; American Realty, Morgan Stanley Prime Property, and UBS Trumbull Realty; 5% policy target; 10–90 day quarterly redemption notice periods.

Full-year 2024 performance review by Callan (first year as IMRF consultant); includes private real estate manager-level attribution; portfolio $54.9B.

PSERS staff presentation and board resolution committing up to $150M to WCP NewCold III, L.P. NewCold is a highly experienced cold storage developer, owner, and operator with deep market opportunity in temperature-controlled industrial logistics. Board approved December 20, 2024.

PSERS Investment Committee December 19, 2024 full meeting covering Q3 2024 Total Plan Performance, Private Markets Benchmarks overview, WCP NewCold III (motion), asset class reviews, and general consultant annual review framework.

Statutory public disclosure of alternative investment vehicle fees for FY2024, including Brookfield Senior Mezzanine Real Estate Finance Fund LP ($100M commitment, 103.4% multiple).

Comptroller and Segal Marco Advisors recommend restructuring BERS's $29M PPAR affordable multifamily ETI program, expanding commitment to $70M, extending rate lock to 36 months, and delegating administration to Community Preservation Corporation.

Staff memo presenting the 2025 Real Estate Structure Review to the Board for approval, covering Core and Non-Core Real Estate investment guidelines, pacing, portfolio composition, and transition from SMAs to commingled funds. StepStone concurred.

StepStone real estate Q2 2024 quarterly report; new Q2 2024 commitments: NYC SIGCRE23 Fund LP ($57M) and Mesirow Financial Real Estate Value Fund V ($67M), both Non-Core North America.

Adelante Capital Management monthly REIT manager report for November 2024. Portfolio performance (+28.85% trailing year). Covers sector allocation to various REIT property types, market commentary on commercial RE stabilization, and Blackstone re-entering REIT market via ROIC acquisition. Best/worst holdings analysis and portfolio guidelines compliance.

Verus Advisory 2025 capital market assumptions and five-year strategic asset allocation review including real assets/real estate allocation targets and recommendations, presented December 2024.

Albourne fee validation for calendar year 2023 presented December 12, 2024; validated 472 STRS Ohio investments; real estate net management fees $24M, operating expenses $13M, interest expenses $16M; no findings identified.

CEM benchmarking report covering calendar year 2023 cost data presented December 12, 2024; real estate funds management fees $24M; total investment costs $340.7M; real estate LP fund costs included in benchmarking.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q3 2024), Private Equity, Private Credit, and Real Assets (Q2 2024). New Q3 2024 real assets commitments: Stonepeak Opportunities Fund ($36M infrastructure); Quantum Energy Partners VIII ($40M energy and power).

Verus total fund investment performance review for SCERS for Q3 2024. Covers all asset classes. ALM study concluded in 2024. Real estate allocation 6.6% vs revised 8% target following strategic asset allocation change.

Townsend Group quarterly real estate performance report for SCERS covering Q3 2024 (quarter ended September 30, 2024). Top performers: Prologis European Logistics Fund (+4.1% USD), Prologis U.S. Logistics Fund (+1.4%), Seven Seas Japan (+13.6% USD). Bottom: KKR Real Estate Partners Americas (-19.8%), CIM Fund VIII (-9.8%). After quarter end: WCP NewCold III commitment ($50M non-core).

NEPC biennial asset/liability review and capital market assumptions embedded in December 2024 SWIB Board meeting. RE assumptions: Core 6.0%, Value-Add 7.5%, Opportunistic 8.4%, Private RE Debt 6.8%. Policy targets maintained at 8% real estate allocation.

RVK education presentation on farmland as an asset class delivered at the December 2024 VPIC meeting. Reviews NCREIF Farmland Index returns, farmland's inflation-hedging characteristics, portfolio role, and lays the groundwork for the US Agriculture US Core Farmland Fund commitment under consideration.

Board approval page for the December 10, 2024 SBI meeting confirming authorization of private markets fund commitments presented by staff and endorsed by the IAC on November 19, 2024.