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Subject: Receive General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2025 Presenter(s): Meketa Investment Group Item type: Information Date and time: March 4, 2026 – 15 minutes Attachment(s): Attachment 1 – Investment Performance At-A-Glance, Period Ending December 31, 2025 Attachment 2 – Summary of the Semi-Annual Performance Report, Period Ending December 31, 2025 PowerPoint presentation(s): Semi-Annual General Consulting Executive Summary (Open Session) Item purpos

Real Estate 12.8% ... BlackRock Realty 1,653,665,612 1,589,624,520 CalSTRS RE Loans Receivable 6,255,900,001 6,293,859,600 CalSTRS Real Estate-Fixed Inc 196,955,883 232,853,299 CalSTRS Special Situations RE 36,458,025,479 36,771,015,078 CalSTRS–Leverage Real Estate (6,285,092,195) (6,321,551,505) CB Richard Ellis 1,408,916,905 1,425,761,770 Centersquare REIT 552,292,093 583,322,293 Heitman Capital Management 23,959,436 18,192,566 Invesco Advisers 386,557,220 334,836,552 JP Morgan 306,026,858 321

In addition to continuing work on liquidating legacy private assets, DPFP began working with a private markets consultant to develop the construction, benchmarks, pacing and recommendations for the private credit portfolio. See additional discussion under Investment Program and Illiquid Real Estate and Private Asset Portfolio in this letter. ... The investment program continued to see significant changes in 2024, reducing private asset exposure and increasing public markets exposure during the y

Portfolio Update Investment staff briefed the Board on recent events and current developments with respect to the investment portfolio. No motion was made. ... 8. Real Estate: AEW Presentation The Board went into closed executive session – Real Estate at 10:37 a.m. The meeting reopened at 11:49 a.m. Ron Pastore, Senior Portfolio Manager for AEW Capital Management (AEW) updated the Board on the status and plans for DPFP’s investments in RED Consolidated Holdings (RCH). No motion was made.

Executive Director ... 4. Portfolio Update ... 5. Public Equity Portfolio Review ... 6. Third ... 2025 Investment Performance Analysis 7. Second Quarter 2025 Private Markets Review 8. Hardship Request ... 025-2H 9 ... Topic: Quarterly Financial Reports Discussion: The Chief Financial Officer will present the third quarter 2025 financial statements. Change in Net Fiduciary Position December 31, 2024 – September 30, 2025 ... , at fair value ... investments $ ... Real assets 236,881,467 250,144

C. DISCUSSION AND POSSIBLE ACTION REGARDING ITEMS FOR INDIVIDUAL CONSIDERATION 1. The Chief Financial Officer presented the third quarter 2025 financial statements. 2. The Executive Director reported on the December pension ministerial actions. 3. The Board and staff discussed future Trustee education. There was no future Trustee education or travel scheduled. 4. Staff briefed the Board on recent events and current developments with respect to the investment portfolio. 5. Approved the proposed P

Portfolio Update Investment staff briefed the Board on recent events and current developments with respect to the investment portfolio. No motion was made. ... * * * * * * * * 7. First Quarter 2024 Investment Performance Analysis and Fourth Quarter 2024 Private Markets & Real Assets Review Leandro Festino, Managing Principal and Aaron Lally, Managing Principal with Meketa Investment Group presented the Public Credit Review, the First Quarter 2024 Investment Performance Analysis and Fourth Qua

Dallas Police & Fire Pension System - Composite ... Private Markets Portfolio Performance Report Extended September 2025 ... Private Markets Portfolio Performance ... Private Markets Portfolio Performance Report Extended September ... Private Markets Portfolio Performance Report Extended September 2025 ... 11 ... 12 ... by Region and ... 14 ... by Region ( ... 14 ... 14 ... by Asset Class ... Private Markets Portfolio Performance Report Extended September 2025 ... Program Su

Real Estate Taxes - Current & Delinquent $3,567,823,687 $3,737,057,704 $3,737,057,704 $3,737,057,704 $0 0.0% Personal Property Taxes - Current & Delinquent 2 819,488,988 806,661,522 836,907,715 836,907,715 0 0.0% Other Local Taxes 642,805,015 729,881,785 731,255,491 724,739,986 (6,515,505) (0.9% ) Permits, Fees and Revenue from the Commonwealth and Federal Government 2 174,680,809 168,804,099 170,495,618 169,925,146 (570,472) (0.3% ) Recovered Costs/ Other Revenue 21,643,708 21,234,575 21,602,15

Nebraska Investment Council Data as of 12/31/2022 ... • The state of Nebraska’s Defined Benefit Plan, Cash Balance Benefit Plan, and Health Care and 50/50 Endowments invest in Private Equity and Real Estate 5% policy target to Private Equity (all pools) 7.5% policy target to Real Estate for DB and CBB Plans, 5% policy target to Real Estate for endowments • The slides that follow include vintage year and partnership level performance information for these investments • We have also includ

HARTFORD, CT – In Wednesday’s meeting of Connecticut’s Investment Advisory Council ( ... ), State ... Erick Russell announced four pension fund investment commitments totaling $ ... . These investments were all in the state’s Private Investment portfolio. They included $200 million to K6 Private Investors, LP; $150 million to JFL Equity Investors VI, LP; $100 million to One Rock Capital Partners IV, LP; and $50 million to One Rock Emerald Fund, LP. “As always, I appreciate the guidance provided

Third Quarter 2014 Private Markets Review – Real Estate ... RE: Real Estate Performance – 3 rd Quarter 2014 ... We are pleased to present the September 30, 2014 Real Estate Performance Summary for the City of San Jose Police and Fire Department Retirement Plan (the “Plan”). The report provides a variety of performance analysis for the overall portfolio, as well as trailing performance and performance by lifecycle, vintage year and strategy. ... The Plan’s real estate portfolio experienced a p

Fourth Quarter 2015 Private Markets Review – Real Estate ... Q4 2015 ... Quarter 2015 ... We are pleased to present the December 31, 2015 Real Estate Performance Summary for the City of San Jose Police and Fire Department Retirement Plan (the “Plan”). The report provides a variety of performance analysis for the overall portfolio, as well as trailing performance and performance by lifecycle, vintage year and strategy. ... The Plan’s real estate portfolio experienced a positive quarter, produc

Revenue: Commercial Real Estate Tax for Transportation1 $62,376,242 $61,812,105 $61,812,105 $61,812,105 $0 ... Total Revenue $201,975,334 $123,598,52 ... $727,846,010 $72 ... ,846,010 $0 ... | | | Estate Tax and NVTA 30%2,7 | | | | | 42,017,189 | | | 36,642,019 | | | 337,054,765 | | 337,054,765 | | | 0 | ... Capital Projects6 Fairfax County - NVTA 70%3 $81,560,117 $0 $504,250,835 $504,250,835 $0 Fairfax County - Commercial Real Estate Tax and NVTA 30%2,7 42,017,189 36,642,019 337,054,765 337,054

manage and maintain data outside of FOCUS ... Retirement Administration Disclosures The Fairfax County Retirement Administration manages three separate defined benefit retirement systems: (1) Employees’ Retirement System, (2) Uniformed Retirement System, and (3) Police Officers Retirement System. The Employees’ System is the largest of the County’s three retirement systems, with $3.4 billion in net assets ... and over 23,000 members. The funded ratio represents the amount of money that is availa

Fund 73030: OPEB Trust ... | | | Return on Investments | | | 1,890,733 | | | 5,736,900 | | 5,736,900 | | 5,736,900 | | | | | | 0 | | ... | Implicit Subsidy1 | ... | 8,525,933 | ... | | ... 0 | 6,000,000 | | | | 6, ... 00,0 ... 0 | | | | ... | | Total Realized Revenue | | | $15,074,116 | | | | $11,349,854 | $11,349,854 | | | $17,349,854 | | | | $6,000,000 | | | | ... | | Total Revenue | | | $50,872,457 | | | | $11,349,854 | $11,349,854 | | | $17,349,854 | | | | $6,000,000 | | | | ... Revenue

| 73000 Employees' Retirement Trust | | | $497,773,674 | | $547,311,423 | | $547,311,423 | | | | $547,311,423 | | | | | $0 | 0.00% | | | ... --- | --- ... | 73010 Uniformed Employees Retirement Trust | | | 183,588,614 | | | 175,592,134 | | 175,592,134 | | | 198,842,134 | | | | 23,250,000 | | 13.24% | | | ... | 73020 Police Retirement Trust | | | 151,038,631 | | | 149,879,827 | | 149,879,827 | | | 164,379,827 | | | | 14,500,000 | | 9.67% | | | ... | 73030 OPEB Trust | | | | 22,513,177 | | 16,553

OPPORTUNITY FOR THE PUBLIC TO ADDRESS THE ... ON ... MAT ... . (SPEAKERS MAY BE LIMITED IN SPEAKING TIME DEPENDENT UPON THE PRESS OF BUSINESS AND NUMBER OF PERSONS WISHING TO ADDRESS THE COMMITTEE.) (2) REVIEW OF THE MINUTES OF THE DECEMBER 13, 2022, INVESTMENT COMMITTEE MEETING (3) APPROVAL OF THE TRUST FUNDS INVESTMENT POLICY (4) MARKET ENVIRONMENT UPDATE (5) REVIEW OF THE INVESTMENT PLAN (6) UPDATE OF BROKER/DEALER LIST (7) QUARTERLY INVESTMENT REPORT AS OF SEPTEMBER 30, 2023

(2) REVIEW OF THE MINUTES OF THE FEBRUARY 11, 2025, INVESTMENT COMMITTEE MEETING (3) APPROVAL OF THE TRUST FUNDS INVESTMENT POLICY (4) MARKET ENVIRONMENT UPDATE (5) REVIEW OF THE INVESTMENT PLAN (6) UPDATE OF BROKER/DEALER LIST (7) QUARTERLY INVESTMENT REPORT AS OF MARCH 31, 2026

(2) REVIEW OF THE MINUTES OF THE JANUARY 23, 2024, INVESTMENT COMMITTEE MEETING (3) INVESTMENT POLICY REVIEW BY KPMG (4) APPROVAL OF THE TRUST FUNDS INVESTMENT POLICY (5) MARKET ENVIRONMENT UPDATE (6) REVIEW OF THE INVESTMENT PLAN (7) UPDATE OF BROKER/DEALER LIST ... (8) QUARTERLY INVESTMENT REPORT AS OF SEPTEMBER 30, 2024

(2) REVIEW OF THE MINUTES OF THE FEBRUARY 11, 2025, INVESTMENT COMMITTEE MEETING (3) APPROVAL OF THE TRUST FUNDS INVESTMENT POLICY (4) MARKET ENVIRONMENT UPDATE (5) REVIEW OF THE INVESTMENT PLAN (6) UPDATE OF BROKER/DEALER LIST (7) QUARTERLY INVESTMENT REPORT AS OF MARCH 31, 2026

First Quarter 2024 Private Equity (PE) Performance Update ... 31 ... Portfolio Snapshot ... Q1 2024: Positive performance and value creation ... • Net value increased $8.4M during Q1 • Distributions of $14.1M in Q1 • Quarterly IRR of 1.61% • Market value increased 4.8% during Q1 | | Portfolio Snapshot | | | | --- | --- | --- | --- | | (USD in Millions) | 12/31/2023 | 3/31/2024 | Change | | Active Partnerships | 99 | 100 | 1 | | Active GP Relationships | 41 | 41 | - | | Capital Com

Review Jim Bennett reported that ... of June 30 ... 024 ... fund had a preliminary market value of $19.7 billion, the preliminary return for ... 0.4 ... and the ... TO: BOARD MEMBERS FROM: JAMES BENNETT, CHIEF INVESTMENT OFFICER SUBJECT: MONTHLY INVESTMENT REVIEW DATE: AUGUST 1, 2024 Following this memo is the Monthly Investment Review for July, the Quarterly Rebalancing Report, the RHIT/GLI/OPEB Quarterly Review, and Cambridge Associates’ Quarterly Investment Review. Please note that the perfor

PRESENTATION BY PENSION CONSULTING ALLIANCE, INC. ON THE PERFORMANCE OF THE EMPLOYEES‟ RETIREMENT SYSTEM‟S INVESTMENT PORTFOLIO AND RISK MANAGEMENT FOR 3 ... QUARTER 2014 ... Mr. Neil Rue of Pension Consulting Alliance, Inc. (PCA), ERS‟s general investment consultant, presented PCA‟s reports on the performance of the ERS‟s investment portfolio and risk management for the third quarter of 2014. Highlights included: ...  Aggregate portfolio value of $13.9 billion as of September 30, 2014. ...  D

New Business 1 2025 Board of Trustees Officers and Committee Assignments (Draft). 2.1 Actuarial Valuation Report by Gabriel, Roeder, Smith & Co. for Year Ending June 30, 2024. 3.1 2025 Legislative Proposals Relating to the Employees’ Retirement System; BUF-17(25) “A Bill for an Act Relating to the Employees’ Retirement System,” proposes to make automatic distributions and ERS federal tax qualification requirements under Chapter 88, Hawaii Revised Statutes, conform to the requirements of the In

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Quarterly Monitoring Report ... For the period ending March 31, 2024 ... We are pleased to enclose the quarterly update for StepStone Atlantic Fund, L.P. (the “Fund”, “SSAF”, or “Partnership”) for the period ending March 31, 2024. ... StepStone Atlantic Fund, L.P. – Private Equity (“SSAF – PE”) was formed in August 2009 and made its first private equity investment in December 2009. During the quarter, the Fund made no new private equity investments and one follow-on investment, bringing cumulati

We are pleased to enclose the quarterly update for StepStone Atlantic Fund, L.P. (the “Fund”, “SSAF”, or “Partnership”) for the period ending September 30, 2023. ... StepStone Atlantic Fund, L.P. – Infrastructure (“SSAF – Infra”) was formed in December 2011 and made its first infrastructure investment in October 2009 (a transfer from the private equity portfolio). During the quarter, the Fund made no new infrastructure investments, keeping cumulative commitments at $279.1 million in 35 total inv

Quarterly Monitoring Report ... period ending March 31 ... 2024 ... We are pleased to enclose the quarterly update for StepStone Atlantic Fund, L.P. (the “Fund”, “SSAF”, or “Partnership”) for the period ending March 31, 2024. ... StepStone Atlantic Fund, L.P. – Infrastructure (“SSAF – Infra”) was formed in December 2011 and made its first infrastructure investment in October 2009 (a transfer from the private equity portfolio). During the quarter, the Fund made one new infrastructure investm

We are pleased to enclose the quarterly update for StepStone Atlantic Fund, L.P. (the “Fund”, “SSAF”, or “Partnership”) for the period ending June 30, 2023. ... StepStone Atlantic Fund, L.P. – Infrastructure (“SSAF – Infra”) was formed in December 2011 and made its first infrastructure investment in October 2009 (a transfer from the private equity portfolio). During the quarter, the Fund made one new infrastructure investments, bringing cumulative commitments to $278.5 million in 35 total invest

Performance Analysis ▪ As of December 31, 2024, the investment multiple increased from 1.49x to 1 ... 51x and the investment IRR increased from 12.8% to 12.9%, respectively, from the prior period ended September 30, 2024. ▪ During the quarter, the infrastructure portfolio increased in value by $7.0 million, or +5.4%, primarily driven by2: ... Limited Partner Summary As of December 31, 2024, the estimated market value of SDCERS’ Infrastructure Portfolio plus cumulative distributions totaled $391.

Surplus Funds Trust Fund (Trust Fund or Fund) is a pooled investment fund created in ... 77 by Section 218.405, Florida Statutes, and administered by the State Board of Administration (SBA). F.S. § 218.403 ... 9). The Fund is governed by Part ... investment offerings and interests in ... of material ... the Fund and any actions or escalations, along ... required actions thereon ... The Monthly Summary Reports, which are provided on the website, constitute these management summaries. (See further

3:45 – 4:15 P.M. 6. Asset Class SIO Updates (See Attachments 6A – 6F) ... Tim Taylor, SIO Global Equity John Bradley, SIO Private Equity Steve Spook, SIO Real Estate Trent Webster, SIO John Mogg, SPM Strategic Investments Dan Beard, Chief Defined Contribution Programs Mike McCauley, Senior Officer Investment Programs & Governance 4:15 – 4:25 P.M. 7. Major Mandates Performance Review (See Attachment 7)

Private Equity A. Performance Summary and Cash Flows PRIM Board Private Equity Portfolio Performance as of September 30, 2024 ¹ Committed Contributed 2 Distributed Market Value Total Value Net IRR 3 34,652,497,094 29,788,915,095 34,990,911,491 17,630,078,837 52,620,990,328 13.85% 1 Excludes Private Debt and Private Natural Resources partnerships. 2 Contributions include fees. 3 Net IRR since inception, as calculated by Hamilton Lane’s Portfolio Reporting System. ... | | | 2024 Cash flows ¹

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Collaborate with PRIM’s Performance Reporting Team to further develop tools for real estate and timberland performance analysis. ... • Real Estate o Provide quarterly updates to the Real Estate Market Ranking tool across all property types. o Evaluate the efficacy and variability of the third-party market indicators. ... Real Estate Fee Type Actual Budget Variance Percent Base Fees 23,479,728 26,127,000 2,647,272 10% Performance Fees (1,156,130) - 1,156,130 N/A Total: 22,323,598 26,127,000 3,8

Executive Director/Chief Investment Officer Comments ... Michael G. Trotsky, CFA, Executive Director, and Chief Investment Officer, made comments to the Committee, including: Mr. Trotsky was pleased to report that the PRIT Fund achieved a record balance of $104.2 billion for the quarter ended March 31, 2024, the largest balance in the history of the PRIT Fund. For the March quarter, ... the PRIT Fund was up 3.7% gross (3.6% net) and for the trailing twelve months the PRIT Fund was up 11.4% ... g

Executive Director/Chief Investment Officer Comments Michael G. Trotsky, CFA, Executive Director ... and Chief Investment ... , made comments to the Committee, including: Financial markets were strong in ... quarter ended September 30, 2024, and the PRIT Fund ended with a ... high balance of $110.5 billion, surpassing the previous record balance set last quarter. For the September quarter, the PRIT Fund returned 4.4%, net of all fees, and for the trailing twelve months, the PRIT Fund returned 16

PRIT Fund Performance Mr. Trotsky discussed the September 2023 PRIT Fund performance in more detail, referencing the following performance charts: (The remainder of the page was intentionally left blank.) Total PRIT Fund Returns Annualized Returns as of September 30, 2023 (Gross of Fees) Source: BNY Mellon. Total Core Benchmark includes private equity benchmark. PRIT Asset Class Performance Summary One Year ended September 30, 2023 (Gross of Fees) Source: BNY Mellon. Totals may not add due

Markets and PRIT Fund Performance The PRIT Fund ended the March 31, 2025, quarter with a balance of $110 billion, remaining flat (up 0.14%) despite U.S. equity markets falling by more than 4% and heightened volatility in both equity and bond markets. U.S. equity markets were the hardest hit, but the Fund’s international equity exposures fared better posting positive returns for the quarter. Additionally, bonds and alternative investments provided an additional buffer to weaker U.S. equity market