Document library

NEPC monthly flash report with full private real estate partnership performance (20+ positions including LaSalle, Kayne Anderson, Dalfen, IPI Data Centers, Torchlight, ABR Chesapeake) and real assets partnerships (Grain Communications Funds II and III).

RVK, Inc. capital market assumptions update, asset/liability study summary, and asset allocation recommendations presented to the State Investment Council at the July 26, 2023 regular meeting. The Council voted to approve revised asset allocation targets including changes to Real Estate and Real Assets class targets effective October 1, 2023.

NJ Division of Investment quarterly Director's Report presented to the State Investment Council at the July 26, 2023 regular meeting. Includes capital markets update through May 2023, pension fund asset allocation and net returns, and alternative investment fund commitment updates.

FEG Q1 FY2024 investment update reviewing endowment pool real estate sub-class allocation and performance.

Aksia LLC consultant recommendation memo recommending a $200M commitment to TCI Real Estate Partners Fund IV LP. TCI REP focuses on large-loan first mortgage lending ($250M-$1B+) in N. American and W. European major markets. Dated July 17, 2023.

Investment Committee informational staff report (File 23-114) on mid-year 2023 RE pacing update; reports one $10M Apollo life-science co-investment committed YTD against $100M budget.

TRS IMD annual real estate portfolio review: 2022 performance vs NCREIF ODCE, capital plan ($1.9B for 2023), spotlight on office-sector underweighting; presented by Grant Walker at July 13, 2023 IMC meeting.

ICM packet for July 12 2023 at which the board considered a $30 million investment in LS Power Equity Partners V as part of ACERA's real assets portfolio (natural resources / energy infrastructure). GP materials exempt from disclosure per CA Gov. Code. The packet also contains Verus's workplan and an emerging markets equity evaluation criteria follow-up memo.

BCI 2022-2023 annual report with real estate equity and debt program performance sections covering QuadReal managed portfolios, sector rotation, and Canadian/global allocations.

Meketa quarterly performance update covering all asset classes including real estate core and non-core allocations for COPERS as of June 30, 2023.

Verus Advisory real assets outlook and performance review prepared for TCERA as of June 30 2023 covering private real estate and infrastructure.

Second quarter 2023 performance review by Wilshire Advisors including private real assets and real estate manager-level data; portfolio $50B.

CIO executive summary attachment for June 2023 SMIB meeting presenting Q1 2023 new commitments in Real Estate & Infrastructure including data center investment.

CIO quarterly report covering Q1 2023 new RE&I commitments including $326M to SMP Data Center LLC (Principal Real Estate Investors); two total RE&I commitments that quarter.

Aksia LLC consultant recommendation memo recommending a $300M commitment to Brookfield Strategic Real Estate Partners V (BSREP V). Brookfield Property Group has ~$260B AUM. Fund targets opportunistic return across diversified global real estate sectors. Dated June 22, 2023.

Townsend Group quarterly real estate performance report for SCERS covering Q1 2023 (quarter ended March 31, 2023). Core portfolio down -0.4% led by Prologis U.S. Logistics. Non-Core top performers: Sculptor RE Fund III (+10.1%), NREP Nordic Strategies Fund II (+9.4%). No new commitments were made during Q1 2023.

Cliffwater quarterly performance review for SCERS alternative assets: Absolute Return (Q1 2023), Private Equity, Private Credit, and Real Assets (Q4 2022). Real Assets returned 2.1% for the period ending December 31, 2022. New commitments: Cortec Group Fund VIII ($30M PE buyout); NGP Royalty Partners II ($25M real assets additional commitment).

CalPERS staff presentation for the Real Assets Annual Program Review as of March 31, 2023 (Item 6e Attachment 1, June 20 2023 meeting). 22-page deck covering RE and Infrastructure program overview, market environment, performance, and key initiatives. Presented by Sarah Corr, Daniel Booth.

CalPERS Investment Committee agenda staff memo for Item 6e, June 20 2023. Covers the Real Assets Annual Program Review (RE + Infrastructure combined) and introduces attachments including Meketa RE and Infrastructure consultant reports.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2023 (Item 6e Attachment 2, June 20 2023). Covers portfolio returns, sector allocation, leverage, and market commentary. 14 pages.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2023 (Item 6e Attachment 3, June 20 2023). Covers infrastructure portfolio returns, policy parameters, and market commentary. 13 pages.

UTIMCO Real Return team (Edward Lewis, Mukund Joshi) presents $10.4B real return portfolio covering private real estate (-0.6% IRR), infrastructure (+9.5% IRR), and natural resources; discusses Co-GP real estate initiative; SAA shift to 9% RE and 9% infra targets.

STRS Ohio annual investment plan for fiscal year 2024, adopted June 2023; RE near 10% neutral target; international focus on Japan logistics, Europe distressed; direct portfolio reducing office exposure.

ICM packet for June 14 2023 containing Verus semiannual performance reviews for December 31 2022 (private equity, private credit, real assets) and March 31 2023 (total fund), plus the GIC finalist selection meeting (Cortex search criteria and firm profiles for Callan, Meketa, NEPC, Verus). Real estate and real assets performance attribution included in total fund review section.

Real Assets Committee packet including StepStone Real Estate Performance Review presentation, Albourne Real Assets Performance Review presentation, and GRESB sustainability benchmark update.

Presentation and consideration of Penwood Select Industrial Partners VII, L.P., presented by Denise Stake (PIO) and Philip Conner (IO). Industrial value-add fund continuing Penwood's select industrial series. Part of CRPTF's 2023 RE deployment cycle.

IMD staff real estate program review covering sector analysis, recent commitments since 3/31/2022 (TPG RE IV, BREP X, BlackRock World REITs, Prime Storage NC, RXR NC), allocation, cash flows, performance, and pacing.

IMD staff real estate portfolio update covering Q1 2023 allocation, commitments since 3/31/2022 ($1.5B including BREP X, TPG RE Fund IV, Prime Storage NC SMA, RXR NC SMA), and StepStone-sourced performance data.

NEPC asset allocation review for PSPRS presented May 2023. Presents alternative asset mix scenarios for the $18.5B fund, with real estate allocation scenarios ranging 5-20%. Updated 2023 capital market assumptions: Real Estate Core 4.5% (revised down -0.3%), Real Estate Non-Core 5.7% (-0.4%), Private Debt RE 5.8% (+0.6%). Includes strategic views on real assets as diversifier and correlation matrix analysis. Allan Martin and Rose Dean presenting.

Board approval page for the May 25, 2023 SBI meeting, confirming final authorization of up to $200M to TA Realty Associates XIII and up to $100M to AG Asia Realty Fund V.

PSERS staff recommendation to commit up to $200M to PIMCO Commercial Real Estate Debt Fund II, L.P. Fund targets first mortgage loans on transitional US commercial real estate, with a new 10-20% international allocation. Approved by AIC May 19, 2023; board resolution June 9, 2023.

ICM packet for May 17 2023 at which the board considered a $38 million investment in Davidson Kempner Opportunities Fund VI (classified by ACERA under private equity / debt-related special situations, with real estate debt exposure) as part of ACERA's private equity portfolio. Presenters: Alexis Georgiadis and Anthony Yoseloff of Davidson Kempner Capital Management, plus Faraz Shooshani of Verus Advisory. GP materials exempt from disclosure. Packet also contains a TCW Concentrated Core Equities watchlist review.

Aksia LLC consultant recommendation memo recommending a $200M commitment to PIMCO Commercial Real Estate Debt Fund II, L.P. Fund focuses on large first mortgage loans backed by transitional US CRE. Dated May 17, 2023.

Meketa Investment Group consultant memo to ERS Board on private real estate portfolio covering Q4 2022 market conditions; rising rates, negative leverage, frozen debt capital markets, and portfolio performance as of Dec 31 2022.

ERS staff annual review of public real estate ($805M, 2.4% of trust), private real estate, and infrastructure programs presented to Joint Board-IAC; Meketa serving as RE consultant.

Meketa Investment Group due-diligence summary memo on Berkeley Partners Value Industrial Fund VI for ERSRI's non-core real estate allocation. Dated May 15, 2023.

UWINCO annual investment program review presented to Board of Regents; CEF real assets allocation ~5% (~$207M) of $4.7B endowment as of Dec 2022.

Cambridge Associates annual benchmarking report comparing UW endowment performance and real assets allocation versus peer institutions.

Texas PRB-mandated triennial review by Global Sovereign Advisors covering HFRRF's compliance, asset allocation, RE performance, and manager oversight; real estate grew from $196M to $341M (74%) over review period.

Verus Investments Q1 2023 (period ending March 31, 2023) investment performance review for ICERS. Covers investment landscape and portfolio performance including real estate allocation. Presented at the May 17, 2023 board meeting.

Verus investment practices and performance evaluation covering HPOPS' full program including private real estate (~10% allocation), asset allocation, benchmarking, and manager selection as required by Texas Government Code §802.109.

Meketa April 2023 capital markets and asset allocation review; no change to allocation recommended. Meketa was DERP's investment consultant until October 2023 when NEPC was selected via RFP.

Hamilton Lane quarterly RE performance update for SBCERS covering Q1 2023 portfolio results, commitment activity including Hillwood US Industrial Club VI, High Street Value Fund I, and H.I.G. Europe Realty Partners III deal reviews.

NEPC total-fund quarterly IPA presented to IC; placement agent disclosures record Lone Star Real Estate Fund VII ($75M, RE) approved Jan 2023.

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 26, 2023 regular meeting, covering capital markets update, pension fund performance, asset allocation, and real estate/real assets portfolio detail.

Callan's periodic asset allocation review for NYSTRS presented to the Investment Committee in April 2023, covering strategic asset allocation recommendations including real estate equity (target 11%) and real estate debt (target 6%).