Document library

ICM packet for February 7 2024 containing NEPC's full 2024 capital market assumptions presentation (as of December 31 2023), including 10-year return forecasts for Real Estate Core (4.9%), Private Real Assets Infrastructure (5.4%), REIT (4.6%), and Private Debt Real Estate (part of private debt at 6.1%). Covers 2024 market themes (cost of capital, AI, geopolitics, fiscal debt), real asset yield assumptions, and inflation methodology.

Investment Committee agenda for Feb 6 2024 recommending commitment to Starwood Distressed Opportunity Fund XIII Global L.P., an opportunistic real estate fund managed by Starwood Capital Group.

Board of Retirement staff report (File 24-024) covering Q4 2023 deal flow for both private equity and private real estate; 13 of 31 proposed investments approved in the quarter.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the January 31, 2024 regular meeting, covering capital markets update, pension fund performance, and asset allocation including real estate and real assets portfolio detail.

NJ Division of Investment staff presentation to the State Investment Council covering Fiscal Year 2023 performance, the approved revised asset allocation plan effective October 2023 (merging Equity-Related and Debt-Related Real Estate into one Real Estate allocation), and expansion of the Emerging Managers Platform (real estate as second sleeve). Presented at the January 31, 2024 annual meeting.

Staff memo and IPC report proposing a $500 million investment in NJ-StepStone Real Assets SMA managed by the StepStone Group, focusing on infrastructure and energy transition investments. The SMA is a customized separately managed account diversified by manager, deal type, subsector, and geography. Presented at SIC January 31, 2024 regular meeting.

NYSTRS Investment Committee minutes including a real estate macro markets Q&A with Blackstone's Vik Sawhney (Chief Administrative Officer) and renewal of real estate managers AEW Capital (REITs), Cohen & Steers (REITs), BlackRock (CMBS), Principal Real Estate Investors (REITs), and Raith Capital Partners (RE debt).

MCR fund presentation for ERSRI on MCR Hospitality Fund IV, a value-add hotel fund targeting premium branded limited-service and extended-stay hotel properties across the U.S. Dated January 19, 2024.

Board of Retirement staff report (File 23-506.1) recommending approval of the 2024 Real Estate Pacing Plan targeting up to $120M in commitments across core (including RE debt) and non-core strategies.

Nevada PERS Fiscal Year 2023 Annual Comprehensive Financial Report (year ended June 30, 2023). Investment section authored by Julia Bonafede of Jobs Peak Advisors and Callan Associates. Documents two core private real estate separate accounts: AEW Realty and Invesco Realty Advisors (including Invesco Realty Advisors Takeover of former BlackRock portfolio). Private Real Estate returned -7.5% (net) for FY2023. Target allocation 6%. Properties include US industrial, multifamily, office, and retail.

Annual comprehensive financial report for the year ended March 31, 2024. Includes real estate portfolio overview, performance vs NCREIF NFI ODCE benchmark (returned -9.72% vs -12.14% benchmark), allocation at 9.33% of fund, manager fee disclosures for Artemis, Asana Partners, Blackstone, Brookfield, Heitman, and others, and full real estate investment listing. Total real estate assets ~$25B.

Complete asset listing as of March 31, 2024 including all real estate and real assets investments with book and fair values.

NEPC's January 2024 capital market assumptions and asset allocation recommendation presented to PRIM's Real Estate and Timberland Committee, covering private real estate and REIT return expectations.

ERS 2023 Annual Report disclosing three core open-end real estate funds (American Realty, Morgan Stanley Prime Property, UBS Trumbull); 5% target allocation; redemption-eligible quarterly with 30–90 day notice periods.

TMRS Private Investment Performance Report listing all real estate fund investments as of December 31, 2023, showing a ~$4.5B real estate portfolio spanning value-add and core strategies.

TMRS 2023 Completed Investments Report showing real estate commitments including Virtus Real Estate Capital IV ($125M, value-add), Stockbridge Value Fund V ($125M, value-add), and Invesco Commercial Real Estate Finance Trust ($200M, RE debt).

Q4 2023 quarterly investment report covering real assets portfolio (real estate, timber, infrastructure, commodities, agriculture) performance.

Full-year 2023 performance review by Wilshire Advisors; private real estate performance through December 2023; IMRF portfolio $52.2B.

FY2023 annual report with full portfolio of investments listing real estate funds by name and fair value; 78 RE funds totaling $2.7B at June 30 2023

Statutory public disclosure of alternative investment vehicle fees for FY2023, including Brookfield Senior Mezzanine Real Estate Finance Fund LP ($50M commitment, 8.38% net IRR since inception).

Staff memo recommending approval of a three-year real estate consulting services contract with Aon Investments USA at $60,000/year to support SDCERA's real estate investment program.

Board approved up to $35M commitment to Bain Capital Real Estate Fund III at December 14, 2023 meeting; fund was presented at November 28, 2023 manager meeting.

CIO quarterly review for Q3 2023 covering new commitments in Real Estate & Infrastructure Division; unfunded REID commitments approximately $3.4B.

Real Assets Committee packet recommending advance of the Real Estate Structure Review to the full Board, covering transition from separately managed accounts to diversified commingled fund vehicles.

NEPC quarterly real estate performance review for PA SERS as of June 30, 2023. Includes portfolio IRR performance vs NCREIF benchmarks, real estate market update, investment-level performance, and strategy summaries. Presented at December 5, 2023 Investment Committee meeting.

Callan quarterly real estate portfolio performance report for NHRS for the period ending September 30, 2023, included as informational material at the December 12, 2023 IIC meeting.

Townsend Group quarterly real estate performance report for SCERS covering Q3 2023 (quarter ended September 30, 2023). Top performers: Seven Seas Japan (+4.0%), Sculptor RE Fund IV (+3.2%), Hammes Partners II (+1.8%). Bottom performers: Carlyle China Realty (-6.0%), Carlyle China Project Rome (-5.8%). No new commitments in Q3 2023.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q3 2023), Private Equity, Private Credit, and Real Assets (Q2 2023). New Q3 2023 commitments: CVC Capital Partners IX ($30M PE); Meridiam Infrastructure North America IV ($50M real assets infrastructure).

Verus total fund investment performance review for SCERS for Q3 2023 (quarter ending September 30, 2023). Real estate allocation declined to 8.0% vs 9.0% target. Real estate portfolio generated -1.1% quarterly but outperformed benchmark.

ICM packet for December 6 2023 containing Verus Advisory's total fund review for Q3 FY2023 (September 30 2023), private equity and private credit semiannual reviews for June 30 2023, real assets semiannual review for June 30 2023, and Callan's real estate semiannual review for June 30 2023. Shows 2023 real estate commitments: Eclipse V ($5M), CD&R XII ($50M PE), Genstar XI ($40M PE), Davidson Kempner Opportunity VI ($38M PE), Crestline Opportunity V ($38M PE).

NEPC consultant recommendation memo for PA SERS commitment of up to $70M to Ares US Real Estate Opportunity Fund IV plus up to $30M co-investments (total $100M). NEPC highlights strong performance, deep team, hybrid operator/allocator model, and attractive strategy for the 2023 market environment.

SERS Investment Office staff recommendation memo for a potential commitment of up to $100M to Ares PA Opportunities Fund LP (investing in Ares US Real Estate Opportunity Fund IV). Categorized as Real Estate / Value-Add/Opportunistic sub-asset class.

FY2023 ACFR showing 15% real estate target allocation; managers: American Realty Advisors, Barings Real Estate Advisors, Basis Investment Group (Big RE Fund I & II), Thor Urban; total portfolio $2.0B.

CIO investment section of FY2023 ACFR covering the real estate portfolio with -8.4% return for fiscal year; lists all private real estate fund relationships, documents real estate as 10% policy target allocation within the Real Assets asset class.

Marquette Associates preliminary flash report for November 2023 IC meeting with real estate composite performance; ERS target 5% real estate allocation tracked against NFI-ODCE benchmark.

NEPC's quarterly performance review for PSPRS as of September 30, 2023, presented to Board of Trustees. Trust ranked top quartile on risk-adjusted terms. PSPRS ex-Workout Real Estate Portfolio 7-year return 7.15% (rank 29th percentile). Global Private Equity (which includes real estate and real assets): $1.665B RE + $711M RA with IRR analysis by vintage year and MSCI Private Comparable benchmarking. Private IRR spread analysis shows RE vintages 2010-2023 with significant dispersion.

Aon quarterly investment review for Colorado PERA covering real estate asset class performance and attribution presented at the November 2023 Investment Committee meeting.

SCERS 2023 year in review and 2024 Annual Investment Plan. For 2024, SCERS targeted $120 million in real estate commitments across 3 non-core funds at $40M each. Real estate allocation was 8.0% vs. 9.0% target. No new real estate commitments were made in 2023 due to challenging market conditions. 2024 focus on non-core and non-US strategies.

AB 2833 statutory fee and expense disclosure for CalPERS alternative investment vehicles for the period ending June 30, 2023 (Item 4f Attachment 1, November 13 2023). Lists all real estate and infrastructure fund names, vintage years, committed capital, management fees, carried interest, and net IRRs.

GP presentation for Torchlight Debt Opportunity Fund VIII, targeting $2B to invest in U.S. CRE debt (senior mortgages, mezzanine, preferred equity, CMBS) across office, hotel, industrial, multifamily, and retail. Minnesota SBI committed up to $150M, approved November 29, 2023.

Albourne (Jennifer Yeung and William Greenwood) presented quarterly review of Infrastructure, Natural Resources, and Real Estate portfolios as of June 30, 2023 at November 9, 2023 board meeting.

Presentation and consideration of Penzance DC Real Estate Fund III LP, a Washington DC-focused value-add real estate fund, presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $125M announced at January 2024 IAC meeting. DC-metro market focus.

NEPC quarterly IPA; records Edgewood Partners IV ($100M, Real Assets), RAM Special Opportunities Fund ($50M, RE), Raith RE High Yield Credit ($200M, RE) approved Jul–Sep 2023.

RVK due diligence recommendation letter for Angelo Gordon Net Lease Realty Fund V to VPIC. Recommends a $50M commitment. Covers the AG net lease strategy's 18-year history, non-IG tenant focus, and competitive differentiation versus Blue Owl.

RVK due diligence recommendation letter for Blue Owl Real Estate Fund VI to VPIC. Recommends a $50M commitment to the net lease core-plus strategy. Includes detailed merits, issues to consider, fund terms, and RVK's investment thesis.

Blue Owl formal GP presentation to VPIC on Blue Owl Real Estate Fund VI, their $24.8B AUM net-lease platform (fka Oak Street). Covers fund strategy targeting triple-net sale-leaseback transactions with investment-grade and creditworthy tenants, targeting ~8% annual net income, and track record across prior fully realized funds.