Document library

Angelo Gordon formal GP presentation to VPIC for AG Net Lease Realty Fund V. Covers the firm's specialization in credit and real estate, 18-year net lease track record executing $50B+ in global acquisitions, focus on non-investment-grade tenants in industrial/cold-storage/food production properties, and European net lease expansion.

Staff recommended a $20M commitment to AG Europe Realty Fund IV, a European non-core real estate strategy; discussion included Angelo Gordon's acquisition by TPG.

NJ Division of Investment quarterly Director's Report presented to the State Investment Council at the October 25, 2023 regular meeting, including unaudited FY2023 pension fund performance, FY2023 performance review by asset class including real estate and real assets, and alternative investment closings update.

NYSTRS Investment Committee minutes approving new agreements with StepStone Group Real Estate LP (primary RE consultant, $450K/yr) and Meketa Investment Group (secondary RE consultant) following a competitive selection process and presentations.

Staff memo presenting Q2 2023 private markets program performance for real estate: Morgan Stanley Prime Property Fund (core), PGIM Real Estate U.S. Debt Fund, Greenfield Acquisition Partners VII, and Grandview Property Partners I & II. TA Realty Value Fund XIII newly added as value-add manager this quarter. Bundled in October 24 2023 board book.

Board resolution authorizing the Comptroller to commit $29M of BERS Real Assets portfolio to an investment management fund, per Aksia TorreyCove Partners consultant recommendation dated September 20, 2023.

Staff memo and IPC report proposing a $200 million investment in Cerberus Institutional Real Estate Partners VI, L.P., a global multi-strategy debt and equity real estate fund targeting 17-20% gross returns. Strategy covers non-performing loans, distressed real estate, industrial, multifamily, cold storage, and outdoor industrial storage. $3 billion target fund size. Presented at SIC October 25, 2023 meeting.

Continued Callan asset allocation review for NYCERS at October 2023 special meeting; recommends strategic asset allocation including private real estate target weighting.

ICM packet for October 4 2023 containing the NEPC-Meketa general investment consultant transition plan memo following the Board's September 21 2023 approval of NEPC as new GIC. The separate standalone document posted for this meeting (2023_10_03 Verus presentation) contains a total fund review and private markets capital markets update by Verus Advisory for Q2 FY2023, including real estate performance attribution showing ACERA's real estate portfolio.

Standalone Verus Advisory total fund review and private markets capital markets update for ACERA for Q2 FY2023, distributed separately at the October 4 2023 ICM. Covers total fund performance attribution including real estate (showing -5.7% one-year, -9.7% three-year returns), private equity, real assets, and private credit. Includes market commentary on private equity deal activity, private credit trends, and real assets market conditions.

FY2023 ACFR investment section listing MOSERS private real estate managers (CBRE US Core Partners, Harrison Street Core Property Fund, LaSalle Property Fund, Oaktree Real Estate Income Fund, TA Realty Core Property Fund) and Blackstone Real Estate Partners series IV–VII, with performance and fee data for year ended June 30, 2023.

Meketa quarterly performance update including real estate allocation (core and non-core) performance review for COPERS as of September 30, 2023.

Marquette Associates monthly flash report for September 2023 IC meeting with real estate composite performance and allocation detail including American Realty, Morgan Stanley Prime Property, and UBS Trumbull.

Staff and NEPC presented annual real estate deep dive: 12.1% allocation, transition from US core to global diversified, search for Europe non-core strategy previewed.

Verus annual private real estate performance and pacing review for CCCERA; recommends $400–450M annual commitments; portfolio covers value-add and opportunistic strategies across Long Wharf, LaSalle, Invesco, EQT, Oaktree, DLJ, Siguler Guff, and others.

RVK consultant tear sheet for Angelo Gordon Net Lease Realty Fund V summarizing terms, track record across AG net lease series, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

RVK consultant tear sheet for Blue Owl Real Estate Fund VI summarizing offering terms, track record, and strategy highlights ahead of the October 2023 formal fund presentation to VPIC.

NEPC quarterly real estate performance review for PA SERS as of March 31, 2023. Includes portfolio performance vs NCREIF ODCE and C|A Non-Core benchmarks, market and portfolio update, investment-level performance appendix, and real estate strategy summaries across core and non-core managers. Presented at September 19, 2023 Investment Committee meeting.

Board adopts Segal Marco Advisors recommendation to amend BERS Asset Allocation Policy, formalizing targets for private equity, real estate, and infrastructure alternatives.

FY2023 fee summary listing Heitman America Real Estate Trust ($9.0M), PRISA LP ($5.9M), Farallon Real Estate III ($23.5M), and SRE Opportunity Fund IV ($9.4M).

FY2023 annual investment report for the endowment pool; real estate allocation ~8% including HART, PRISA LP, Farallon RE III, and SRE Opportunity Fund IV.

Staff memo recommending a 120-day extension of Aon's real estate consulting contract through January 2024 to accommodate a board presentation by Aon's real estate team.

FEG Q2 FY2023 investment update; real estate returned -5.8% vs. benchmark, with 8% allocation in endowment pool encompassing HART, PRISA, and Farallon.

EVPCFO disclosure of follow-on commitments: $75M to Merit Hill Capital (US value-add self-storage) and ¥7B to Star Asia Group (Japan real estate special situations), both committed in 2022.

Annual GEP performance review (June 30, 2023): real estate portfolio $2.7B – BREIT 57% ($1,550M), Legacy 43% ($1,152M); BREIT returned -5% fiscal YTD.

Callan and StepStone joint 2023 strategic asset allocation review for NYCERS presented at September 2023 board meeting; evaluates real estate target weights alongside private equity, infrastructure, and alternatives under updated capital market assumptions.

Meketa Investment Group quarterly infrastructure performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 7, September 18 2023). Covers portfolio returns, policy parameters, and market commentary. 13 pages.

Meketa Investment Group quarterly real estate performance review for CalPERS for the period ended June 30, 2023 (Item 5c Attachment 6, September 18 2023). Covers portfolio returns, benchmark comparison, sector allocation, and market commentary. 14 pages.

CalPERS Investment Committee agenda staff memo for Item 5c, September 18 2023. Trust Level Review Consultant Report introducing Wilshire annual reviews and Meketa quarterly program reviews. Meketa RE Quarterly Review (June 30 2023) is Attachment 6; Meketa Infrastructure is Attachment 7.

Delegated investment report disclosing up to $100M commitment to Brookfield Strategic Real Estate Partners V (opportunistic real estate), closed August 28, 2023.

ACRE FY2023 annual report covering UW's commercial real estate holdings including Metropolitan Tract (downtown Seattle), lease obligations totaling $108M/year, and major development transactions.

Aon investment consultant Q2 2023 quarterly performance review including real estate asset class (NCREIF ODCE benchmark), attribution analysis, and asset allocation context for TRS $196B portfolio.

ICM packet for September 6 2023 for the general investment consultant finalist interviews (Callan, Meketa, NEPC, Verus). Contains Cortex Consulting's comparative analysis of finalists including their real estate consulting capabilities, fees, and recommendation. NEPC was ultimately selected. The packet details real estate consulting fee proposals ($180K–$280K/year) and notes that NEPC does not advise ACERA on real estate investments (Callan retained as RE consultant).

Presentation and consideration of Blue Owl Real Estate Fund VI, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Commitment of $200M announced at November 2023 IAC meeting. Blue Owl is a top-5 manager by NAV in CRPTF RE portfolio. Net-lease focused value-add strategy.

Marquette Associates monthly flash report for Aug 2023 IC meeting; real estate composite at 6.8% of portfolio ($113.4M) across American Realty, Morgan Stanley, and UBS Trumbull; NFI-ODCE benchmark tracking.

Board approval page for the August 23, 2023 SBI meeting confirming authorization of up to $150M to Blackstone Real Estate Partners Europe VII and up to $200M to Brookfield Strategic Real Estate Partners V.

GP presentation for Brookfield Strategic Real Estate Partners V, a global opportunistic real estate fund targeting $15B. Minnesota SBI committed up to $200M, approved August 23, 2023.

ERS staff FY2024 private real estate capital plan (Aug 2023) outlining commitment schedule Sep 2023–Aug 2024; portfolio stats as of Dec 2022: $6.4B committed, 12.3% IRR, $3.8B fair market value.

Verus annual total portfolio performance review including a 2023 Real Assets Outlook section covering commercial real estate dislocations, infrastructure valuations, and CCCERA's private RE portfolio update as of June 30, 2023.

Combined board calendar sheet, SFERS staff presentation, and Cambridge Associates consultant presentation on the Real Assets portfolio as of 12/31/2022; $5.2B NAV, 8.7% net IRR since inception.

Meketa Investment Group due-diligence summary memo on IPI Partners III for ERSRI's non-core real estate allocation. Dated August 16, 2023.

IPI Partners manager presentation for Rhode Island on IPI Fund III, a global value-add data center fund targeting hyperscale cloud service provider facilities. Public deck dated August 16, 2023.

PSERS staff recommendation to commit $300M to Brookfield Strategic Real Estate Partners V, L.P. (BSREP V). Fund targets office, retail, multifamily, logistics, hospitality, and alternative sectors (life sciences, manufactured housing, student housing, senior living, self-storage) globally. Target fund size $15B. Board resolution August 11, 2023.

PSERS staff recommendation to commit up to $200M to TCI Real Estate Partners Fund IV LP. TCI focuses on stretch senior whole loans of $250M–$1B+ in North American and Western European major markets. Strategy is unlevered and targets first mortgage acquisition and construction lending. Board resolution August 11, 2023.

CIO approved under delegated authority a $150M commitment to Bain Capital Real Estate Fund III, a non-core private real estate fund with a US/global large-cap opportunistic strategy targeting long-term demand growth areas.

Hamilton Lane quarterly RE performance update for SBCERS covering Q2 2023 results; 2023 commitments include Stockbridge Value Fund V, KSL Capital Partners Credit Opportunities Fund IV, and NW1 IOS REIT.

NEPC quarterly IPA; records Realterm European Logistics Fund II ($75M, RE) and Kildare Partners IV ($100M, Real Assets) approved Apr–Jun 2023.