Document library

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.

Meketa quarterly performance update with real estate allocation detail (core ~$168M and non-core ~$309M) and policy compliance review for COPERS as of June 30, 2024.

Q2 2024 quarterly investment report covering real assets sub-portfolio performance including real estate, timber, infrastructure, and agriculture/farmland.

Verus Advisory 3rd quarter 2024 investment landscape report for TCERA as of June 30 2024, covering real estate portfolio performance.

Second quarter 2024 performance review by Wilshire Advisors with private real assets and real estate manager-level attribution.

Staff recommended a $20M commitment to Brookfield Real Estate Secondaries LP, a global diversified real estate secondaries fund; NEPC concurred with top FPL rating.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2024 (quarter ended March 31, 2024). Portfolio allocation 7.1% vs 9.0% target; underweight non-core and non-US strategies. Top performers: Prologis U.S. Logistics Fund (+1.9%), NREP Nordic Strategies Fund IV (+10.0%), Sculptor RE Fund III (+5.4%). No new commitments Q1 2024.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2024), Private Equity, Private Credit, and Real Assets (Q4 2023). Real Assets returned 1.8%. No new real assets commitments in Q1 2024.

Staff memo recommending two-year extension of Cliffwater alternative assets consulting contract through June 30, 2026 at $500,000/year (increased from $450,000). Cliffwater has served as SCERS' alternative assets consultant since 2011. Includes transparency provisions around Cliffwater's growing asset management business. Cliffwater recently sold a minority equity stake.

EVPCFO disclosure of follow-on commitment: up to $100M to Related Companies (New York-based vertically integrated real estate developer across affordable housing, multifamily, retail, office, and hospitality), committed December 2023.

UTIMCO Real Return team presents $10.6B portfolio; private real estate -3.8% IRR in 2023 due to Europe underperformance and rising rates; discusses evolving real estate strategy toward Co-GP funds and co-investments to reduce fees; infrastructure spotlight on data centers and AI demand.

STRS Ohio annual investment plan for fiscal year 2025, updated May 2024; targets 4-5 new commitments to international/opportunistic RE funds; focus on data centers, medical office, industrial in gateway markets.

IPI Partners presentation to PA SERS Investment Committee for IPI Partners III-A LP, a global data center-focused real estate fund targeting $4B with $6B hard cap. SERS committed up to $100M. Fund categorized in Real Estate / Value-Add/Opportunistic sub-asset class. Presented June 11, 2024.

NEPC consultant recommendation memo for PA SERS commitment of up to $100M to IPI Partners Fund III LP. NEPC highlights strong performance, vertically integrated organization, strong sponsorship background, and attractive data center focus. Fund targets $4B in commitments.

NEPC quarterly real estate performance review for PA SERS as of December 31, 2023. Presented at June 11, 2024 Investment Committee meeting alongside the IPI Partners III-A data center fund presentation.

Callan Associates Q4 2023 annual report and quarterly peer performance summary embedded in June 2024 SWIB Board of Trustees meeting materials. StepStone Real Estate also presented RE Strategy Report and Market Outlook to the SPCGC committee.

CIO quarterly review covering Q1 2024 RE&I commitments: $100M to BentallGreenOak Asia (USD) IV (Japan office/logistics/residential/hotel) and $100M to Rialto Real Estate Fund V-Debt.

CIO executive summary slides for June 2024 SMIB meeting; details Q1 2024 RE&I new commitments including BentallGreenOak Asia IV and Rialto Real Estate Fund V-Debt.

Real Assets Committee packet containing Real Assets Performance Review presented by LACERA staff and StepStone Group (Real Estate) covering performance, portfolio composition, and market context.

PA SERS Investment Office staff recommendation memo for up to $100M commitment to IPI Partners III-A LP. Highlights access to a preeminent data center manager, strong secular demand trends, and strong portfolio fit in the Real Estate / Value-Add/Opportunistic sub-asset class.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 2, June 10 2024). Portfolio outperformed benchmark for 1-year period (6.0%) and underperformed for 3-year (8.1%). 15 pages.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2024 (Item 5d Attachment 3, June 10 2024). Infrastructure outperformed benchmark for all periods. 14 pages.

CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2024 (Item 5d Attachment 1, June 10 2024 meeting). 20-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives.

CalPERS Investment Committee agenda staff memo for Item 5d, June 10 2024. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports. Presented by Sarah Corr, Daniel Booth, Dan Bienvenue.

ICM packet for June 5 2024 containing NEPC's asset allocation mixes status update (Mixes C/D/E/F) showing private real estate at 8.2% current versus 0% in proposed mixes (shifted to private infrastructure/natural resources), and NEPC's private credit/debt education session. Key insight: the new Mix C (approved July 2024) eliminates the private real estate allocation and replaces it with private infrastructure (5-6% of total fund) and private natural resources (1-2%). Callan retained as RE consultant for existing portfolio.

DERP 2023 ACFR with investment consultant section; real estate 10% target at 6.4% actual; legacy closed-end managers include Contrarian Capital, DRA Advisors, Prudential REIM, UBS Realty, Walton Street. Real estate and private equity experienced losses in 2023.

NEPC quarterly IPA; records ArrowMark CRE Structured Finance Fund ($50M, RE) and Ram Realty Partners Fund VII ($100M, RE) approved Feb–Mar 2024.

NEPC quarterly investment performance report covering BCFPERS real estate and private real assets; includes 22 RE partnership positions and 2 core fund holdings.

PSERS staff presentation and board resolution committing up to $300M to Carlyle Realty Partners X, L.P. (CRP X). Carlyle's opportunistic/value-add US real estate fund emphasizing portfolio construction and risk reduction. PSERS has committed $1.12B across seven Carlyle real estate vehicles historically. Board approved May 31, 2024.

Marquette Associates monthly flash report for May 2024 IC meeting; real estate composite tracking three core ODCE managers; UBS in full redemption queue with ~$24M outstanding.

PRIM's RFP seeking one or more firms to provide public long-only U.S. REIT investment management services via separate accounts, issued May 31, 2024; led to selection of DWS Group and PGIM Real Estate.

PSERS Investment Committee May 30, 2024 meeting covering Capital Markets Update and Q4 2023 Performance Summary, asset class reviews for Private Markets and Public Equity, Strategic Asset Allocation preparation, Carlyle Realty Partners X (motion), and real estate portfolio update.

PSERS Investment Office and Aksia LLC collaboration covering Private Equity, Private Real Estate, Private Credit, Private Infrastructure, and Private Commodities portfolios. Includes RE asset class role, performance analysis, benchmark review, manager relationship summary, pacing plan, and 2024 strategic initiatives. Real estate 2024 pacing budget $400-600M.

BAM public investment meeting covering STAR implementation including investment procurement reform, consultant coordination, and new Joint Manager Meeting structure for private real estate and alternatives manager presentations.

IMD staff real estate update covering 2023–2024 commitments (~$587M: NorthRock IV, NorthRock I, Northpond Retail Partners, RXR NC), allocation, cash flow pacing, core and non-core performance versus benchmarks.

PSERS Investment Committee pre-deliberation meeting agenda for May 23, 2024 covering Carlyle Realty Partners X, L.P. and CION Grosvenor Infrastructure. The formal action on Carlyle X was taken at the May 30, 2024 board meeting.

Meketa Investment Group consultant report on ERS Texas private real estate portfolio covering Q4 2023 market overview, valuation trends, and portfolio performance; presented at May 2024 Joint Board-IAC meeting.

ERS staff annual review of public real estate ($741M, 1.9% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

GP presentation for AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in office, retail, residential, industrial, hotels, self-storage, senior and student housing across Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, and UK. Minnesota SBI committed $125M, approved May 21, 2024.

Board approval page for the May 21, 2024 SBI meeting confirming $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), plus $175M to Blue Owl GP Stakes VI and $200M to KKR Global Infrastructure V. Total $625M.

NEPC May 2024 asset/liability study recommending shift in real estate exposure: reduce core real estate, increase private real estate debt allocation, expand total real assets from 16.5% to 18% of portfolio.

EVPCFO disclosure of follow-on commitments: up to $145M to SDC Capital Partners (US/Europe data center development) and up to $100M to MDH Partners (US industrial warehouse/distribution).

SCERS portfolio allocation and rebalancing report for Q1 2024 (ending March 31, 2024). Shows real estate allocation at 7.1% vs 9% target. Covers asset class drift and rebalancing recommendations.

Educational presentation by Cliffwater on Real Assets and Real Estate asset classes as part of SCERS' 2024 ALM study educational series. Covers portfolio roles and objectives, Real Assets timeline (7% target allocation, infrastructure/energy/power/agriculture sub-strategies), and real estate program overview. Final installment before ALM study enterprise risk tolerance survey.

Verus total fund investment performance review for SCERS for Q1 2024 (quarter ending March 31, 2024). Covers all asset classes including real estate at 7.1% vs 9% target. Part of the broader ALM study year with asset class education series.

Cambridge Associates annual benchmarking report; notes UW underweight to private investments vs peers; real assets and ILBs peer mean ~7% vs UW actual ~4%.

UWINCO annual investment program review; CEF real assets allocation ~4% (~$218M) of $5.4B endowment as of Dec 2023, with target 5% policy weight.