Document library

Board-approved Investment Policy Statement for the Long Term Portfolio (endowment $19.2B), consolidating guidelines on real assets and alternative asset allocation targets, developed with investment consultant Cambridge Associates.

Annual GEP performance review (June 30, 2024): real estate $2.8B – BREIT 59% ($1,653M), Legacy 41% ($1,148M); 10.1% one-year return vs -10% benchmark.

TRS IMD annual real estate portfolio review at September 2024 IMC: negative one-year return driven by interest rate spike, office sector worst performer (8 consecutive negative quarters), 53% principal investments outperforming funds.

Townsend Group quarterly real estate performance report for SCERS covering Q2 2024 (quarter ended June 30, 2024). Portfolio -1.6% vs benchmark -0.6%. Top non-core: Seven Seas Japan (+7.3% USD), KKR Real Estate Partners Americas (+4.3%), Sculptor RE Fund IV (+3.2%). Bottom: CIM Fund VIII (-39.2%), Hammes Partners IV (-34.3%). No new commitments Q2 2024.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q2 2024), Private Equity, Private Credit, and Real Assets (Q1 2024). No new real assets commitments in Q2 2024.

Meketa Investment Group quarterly infrastructure performance review for CalPERS for the period ended June 30, 2024 (Item 6b Attachment 7, September 16 2024). Covers infrastructure portfolio returns, policy parameters, and market commentary.

Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2024 (Item 6b Attachment 6, September 16 2024). Covers portfolio returns, benchmark comparison, sector and geographic allocation, leverage, and market commentary. 15 pages.

CalPERS Investment Committee agenda staff memo for Item 6b, September 16 2024. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2024) is Attachment 6; Meketa Infrastructure is Attachment 7.

SURS FY2025 Investment Plan (Exhibit 3) presented September 12, 2024; documents real assets strategy and prior-year commitments including Brookfield SREP V ($75M), Blackstone BREP Europe VII (€50M), and Ember Infrastructure II ($50M).

Delegated investment report disclosing up to $100M commitment to Sculptor Real Estate V (opportunistic real estate), closed August 23, 2024.

Annual report on UW's tenant lease obligations covering 2.2M+ rentable square feet and approximately $108M/year in lease payments across the UW system.

Callan Associates Q1 2024 quarterly peer performance report embedded in September 2024 SWIB Board of Trustees meeting materials. CTF peer rank update as of March 31, 2024.

Investment Committee agenda for Sep 10 2024 recommending commitment to Starwood Real Estate Debt Strategies, L.P., a real estate debt fund managed by Starwood Capital Group.

ICM packet for the September 4 2024 meeting at which the board considered a $50 million investment in Starwood Distressed Opportunity Fund XIII (opportunistic real estate) as part of ACERA's real estate portfolio. Presenters: Mark Deason and Khalif Edwards of Starwood Capital Group, plus Callan. The packet also contains an NEPC total fund performance review for Q2 2024 and an asset allocation implementation plan education session. GP materials exempt from disclosure per CA Gov. Code.

Florida SBA Annual Investment Report for FY2023-24. Covers new asset allocation effective January 1, 2024 (Real Estate target increased; 12% target). Discloses Q2 2024 real estate commitments including $18.3M to Heitman Montecito III, $7.5M to Heitman Crescent BTR, $150M to Carlyle Realty Partners X, $435.7M+ JV with Core and Value Advisors (Stockbridge affiliate), and $53.2M+ JV with Heitman Capital Management.

Staff memo presenting new long-term asset allocation targets, introducing a 3% real estate debt allocation and using REITs as proxy for unfunded private RE commitments; details phased implementation across liquidity, growth, and diversifying sub-portfolios.

Staff memo reporting Q1 2024 private markets performance for real estate. Core real estate performance continues down due to commercial real estate market challenges and unrealized valuation markdowns. PGIM real estate debt fund and Grandview Partners I provide offsetting stable performance. TA Realty Fund XIII, Grandview II added. Bundled in August 27 2024 board book.

Presentation and consideration of Morgan Stanley CRPTF Co-Investment L.P., structured as both a Real Estate Fund and Infrastructure/Natural Resources Fund opportunity. Presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $150M (RE series) confirmed at December 2024 IAC meeting.

APERS IFC / AJRS joint board packet August 22 2024. Contains Callan investment manager returns table covering real estate: Core/Core-Plus RE — Callan Real Estate REIT, Carlyle Property Investors, Clarion Lion Industrial Trust, Invesco Real Estate, Heitman Real Estate Trust LP. Non-Core RE — Harrison Street Fund VIII, IX, Heitman Value Partners IV, LaSalle VI, VII, TA Realty XII, XIII. Also contains LaSalle organizational update noting departures of Kristy Heuberger and Joe Munoz in 2024.

SCERS 2023 alternative asset fee and expense report presented at August 21, 2024 board meeting. Provides fee transparency for all alternative asset managers including real estate funds. Lists fund-level fees, expenses, and total cost of ownership.

Verus total fund investment performance review for SCERS for Q2 2024. Covers all asset classes including real estate (6.6% vs 9% target, underweight) and real assets. Includes Verus 2023 Real Assets Outlook discussion on commercial real estate dislocations.

Callan work plan and real assets structure history section embedded in APERS Aug 2024 board packet. Documents history of APERS real estate manager hires: 2021 approved Real Estate Pacing Study and commitments to Starwood and Harrison Street; 2021 farmland managers IFC and PGIM ($50M each); 2022 core-plus RE manager search concluded with selection of Carlyle Property Investors, Principal Real Estate, and Clarion Lion Industrial Trust ($85M each). Invesco Real Estate organizational note: Q2 2024 — LaSalle Kristy Heuberger and Joe Munoz departures.

ERS staff FY2025 private real estate capital plan (Aug 2024) outlining commitment schedule Sep 2024–Aug 2025; portfolio stats as of Dec 2023: $6.6B committed, 10.6% IRR.

RCLCO Fund Advisors full Q1 2024 semi-annual real estate performance report for CalSTRS, covering portfolio NAV, returns vs. NCREIF NFI-ODCE benchmark, and market trends.

Meketa Investment Group due-diligence summary memo on Belveron Partners Fund VII for ERSRI's non-core real estate allocation. Dated August 20, 2024.

Meketa Investment Group quarterly total fund performance report for period ending June 30, 2024, with real assets sub-composite performance and benchmarking update.

PSERS staff presentation and board resolution committing up to $175M ($125M fund + $50M co-investment sidecar) to ACORE Opportunistic Credit II, L.P. Highly experienced real estate credit specialist targeting 13-15% net IRR and 8% cash yield. Described as a strong replacement for real estate equity in a higher interest rate environment. Board approved August 16, 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 August 15, 2024 board meeting.

NEPC quarterly IPA; records Dermot Multifamily Dislocation Fund ($30M, RE) approved May 2024; Q2 2024 total fund performance review.

Board approval page for the August 14, 2024 SBI meeting confirming authorization of up to $100M to Blackstone Real Estate Partners Asia III among other private markets commitments.

ICM packet for August 7 2024 at which the board considered a $30 million investment in Quantum Energy Partners VIII and Quantum Energy Partners VIII Co-Investment Fund as part of ACERA's real assets portfolio (natural resources). Presenters: David Altshuler and Rob Meister of Quantum Capital Group, plus NEPC. GP materials exempt from disclosure. The packet also includes the private credit policy review and emerging markets equity minimum qualifications revision.

Hamilton Lane Q2 2024 RE performance update for SBCERS; five 2024 commitments closed totaling $50M including Lubert-Adler Workforce Housing Fund II, Kayne Anderson RE Partners VII, Hillwood US Industrial Club VII, and Stonepeak Real Estate Partners.

NYSTRS Investment Committee minutes renewing Blue Owl Real Estate Debt Advisors (US CMBS and private real estate debt), Heitman (US REIT/REOC strategy), and Global REIT managers including AEW Capital Management, Heitman, and Dimensional Fund Advisors against the FTSE EPRA/NAREIT Developed index.

Investment Finance Subcommittee packet for July 30 2024. Contains APERS portfolio allocation as of recent date showing real estate positions: Core Real Estate Invesco Real Estate ($12.46M), Heitman Real Estate Trust LP ($12.46M); Value Add: Clarion Lion Industrial Trust ($324.5M), Harrison Street Fund VIII, Harrison Street Fund IX ($454.7M), Heitman Value Partners IV ($81.6M), LaSalle Income & Growth VI ($79.7M), LaSalle Income & Growth VII ($48.8M), TA Realty XI ($45.6M), TA Realty XII ($5M), TA Realty XIII ($15.7M). Total Value Add Real Estate $848.1M (7.42%).

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the July 24, 2024 regular meeting, covering portfolio performance including real estate and real assets, plus Q1 2024 RVK quarterly performance review.

IPI Partners formal GP presentation to VPIC for IPI Partners III, a closed-end value-add/opportunistic fund investing in data center assets and connectivity-related real assets globally. Covers the firm's strategy, prior fund performance (IPI I and II), hyperscale demand drivers, AI and cloud growth, and fund terms targeting 12-16% net IRR.

RVK full due diligence recommendation memo for IPI Partners III recommending a commitment of up to $35M to diversify VPIC's non-core real estate portfolio with a dedicated data center focused strategy. Includes on-site due diligence, market analysis, fund I and II track record review, and risk factors.

NEPC July 2024 follow-up asset allocation presentation with Mix C recommendation: decrease core real estate by 2%, increase private real estate debt by 2%, increase infrastructure by 1.5%. Mix C adopted by unanimous board vote.

Investment Committee informational staff report (File 24-270) reporting a $150M commitment to TPG Angelo Gordon Essential Housing Fund III in April 2024, exceeding the $120M pacing plan; no further RE investments planned for 2024.

EVPCFO disclosure of follow-on commitments: up to $20M to Hackman Capital Partners (global studio/media real estate, affiliated with MBS Group) and €2.5M to BLG Capital (opportunistic real estate in Turkey including hospitality, residential, student housing), both committed March 2024.

TRS IMD annual real estate portfolio review: 2023 performance (negative for first time in 14 years due to rate spike), capital plan, spotlight on data centers and AI in RE; presented at July 18, 2024 IMC meeting by Grant Walker.

Staff memo and agenda item covering annual review meetings with real estate managers Invesco (Core, Value-Add IV/V/VI), Stockbridge (Value IV/V), Harrison Street (Core Property Fund), and PGIM (US Real Estate Debt); June 2024 minutes also disclose $35M Beach Point Capital Real Estate Debt Fund commitment in closed session.

D.B. Fitzpatrick monthly update on Idaho Commercial Mortgage Program for June 2024. Buyers and sellers standoff expected to persist. Commercial RE lending environment remains constrained with banks and credit unions wary. Portfolio: no delinquencies in June, no REO assets. New originations noted. DBF Idaho Mortgages: 2.5% trailing year return.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2023; $5.1B NAV, -3.1% return in 2023, 8.3% net IRR since inception.

ICM packet for July 3 2024 at which the board adopted Asset Allocation Mix C (reducing private real estate from 9% target, removing it from new allocation targets). Contains NEPC's capital market analysis supporting Mix C, Callan's semiannual real estate portfolio review for December 31 2023 (embedded), and NEPC semiannual reviews of private equity, private credit, absolute return, and real assets for December 31 2023. Critical strategic document showing ACERA's shift away from new private real estate commitments.

Public statutory disclosure listing PERA's Alternatives investment holdings including real assets (infrastructure, agriculture, timberland), real estate debt (Calmwater), and opportunistic funds with vintage year, capital committed/contributed, and IRR as of December 31, 2023.

BCI 2023-2024 annual report with dedicated real estate equity and debt sections covering QuadReal program performance, $3.3B equity deployments, $3.2B debt commitments, sector exposures, and ESG highlights.