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LPF has a ... we actively asset manage. ... Financial Performance 35 2023 Acturial Valuations 44 Performance and Administration 45 Our Colleagues ... 55 Financial Statements Lothian Pension Fund Investment Strategy 60 Lothian Pension Fund Financial Statements 69 Lothian Pension Fund Accounts 70 Lothian Pension Fund Notes to the Financial Statements 71 Lothian Pension Fund ("The Fund") Acturial Stetment for 2024/25 108 L ... In last year’s Annual Report, I spoke about some of LPF’s significant ac

As Of March 2025 ... OCERS - Private Equity Portfolio Report Report created: October 2025 ... Orange County Employees Retirement System ... range County Em ployees Retirem ent System ... range County Em ... | Abbott Capital Private Equity Investors 2008 | | 2008 0.3% 75.0 74.6 125.5 - 12.5 63.4 12 ... 5 11.8% 1.8 ... | --- | --- | --- | ... Abbott Capital Private Equity ... ployees Retirem range County Em ... 1 33 ... 5x Adams ... 4 11 ... 8% 2 ... 5x Adams St

Private Equity As of December 31, 2024 ... Private Equity As of December 31, 2024 ... Colorado PERA’s Since Inception IRR 1998 Westsphere Latin America PE Growth Fund II 35,928,145 35,928,145 0 NM 2 1999 Asia Pacific Growth Fund III 25,000,000 25,002,174 14,043,751 -11.71 1999 Brentwood Associates Private Equity III 25,000,000 29,683,295 43,636,804 9.20 1999 Centennial Fund VI 50,000,000 47,500,000 10,237,381 -14.22 1999 Columbia Capital Equity Partners II 20,000,000 19,991,587 15,820,996

COMPREHENSIVE ANNU 201 AL FINANCIAL REPOR 6 T FOR THE FISCAL YEAR ENDED JUNE 30 TEACHERS’ RETIREMENT S I L L YSTEM OF THE STATE OF a component unit o I N f the Stat O e of Illinois ... TRS will continually deliver the retirement security promised to our members by maintaining the highest and ... most efficient level of service and by living our values: ... • Put the best interest of others first ... • Diversity • Teamwork • Continuous improvement ... FISCAL YEAR HIGHLIGHTS As of June 30, 2016 Ac

Trustees State Universities Retirement System of Illinois 1901 Fox Drive Champaign, Illinois 61820 Dear Members of the Board: At your request, we present the report of the actuarial valuation of the State Universities Retirement System of Illinois (“SURS”) as of June 30, 2024. GRS has prepared this report exclusively for the Trustees of the State Universities Retirement System of Illinois; GRS is not responsible for reliance upon this report by any other party. This report may be provided to par

During FY 23 the SURS portfolio returned 5.3%, net of fees, below both the long-term 6.5% assumed rate and the policy benchmark. However, SURS investment program has a long-term horizon. Portfolio returns, net of fees, are 8.8% over the last three years and 7.5% over the last 10 years, each exceeding both the long-term assumed rate and the policy benchmark. ... Plan ... 23 marks the twenty ... year of the Retirement ... of 68.8% equity, 28.0% fixed income, and 3.2% real estate. ... investment ob

SAN FRANCISCO EMP ... RETIREMENT SYSTEM SUMMARY OF INVESTMENTS ... INVESTMENT PERFORMANCE ... For the fiscal year ended June 30, 2024, the investment portfolio of the Retirement System returned 7.99%. The table below shows annualized returns for major categories of investments compared to benchmarks for various return periods. INVESTMENT PORTFOLIO PERFORMANCE Annualized Returns for the Periods ending June 30, 2024 (Net of fees and expenses) ... FINANCIAL STATEMENTS ... iduciary Net Posit

Investment Activity and Pension Funding Status—The 2025 investment environment was marked by significant volatility driven by shifting monetary policy, inflation concerns, global trade tensions, and currency fluctuations. Financial markets experienced rapid changes throughout the year, reflecting both economic uncertainty and evolving geopolitical conditions. Despite this complexity, OPERS remained disciplined in its long term strategy, emphasizing diversification, asset allocation, and risk man

time. As of year ... 2025, ... , including more ... , and worked in partnership with ... net asset base of $ ... market results. Entering 2025, U.S. financial markets were focused on tariffs, U.S. dollar depreciation, inflation trends, and shifting monetary policy. Over the course of the year, global economic conditions reflected strong corporate profitability and increased capital expenditures driven by artificial intelligence. Emerging market equities benefited from the headwinds of the U.S. .

Figure 3.2: Investment Performance Summary 152 VRS-Participating Employers: ... 5.1 ... 302 ... pivoting resources to support ... -19 research and testing. We salute these outstanding public servants in this annual ... theme, “Honoring Our Heroes: VRS Members Serving the Commonwealth.” INVESTMENT UPDATE Despite the economic crisis caused by the global pandemic, VRS achieved a 1.4% net return on its investment portfolio, allowing the VRS-managed portfolio to end the fiscal year with $83.7 billion

Quarterly Budget Update FY26 YTD Budget Report 4.30.26 - Page 70 ... . Last, Mr. Grant and Mr. Stephens proposed an incentive hurdle for Diversifying Strategies. Quarterly Budget Update Jon Farmer, Budget and Performance Reporting Manager, provided an update on the FY 2026 budget. Mr. Farmer advised the Committee that VRS has a current budget of approximately $143 million and has expended approximately $89 million. Mr. Farmer noted that the agency is on track to conclude the fiscal year wit

9.9 ... Year Return on Investments 8.6 % 5.5 % Five ... Year Return on Investments ... 10.4 % 8.7 ... FINANCIAL SECTION Portfolio Highlights: Figure 2.1: Summary of Fiduciary Net Position 37 Figure 3.3: Traditional Equity Custom Benchmark Sectors and Figure 2.2: Summary of Changes in Fiduciary Net Position 38 Regions 174 Figure 2.3: Distribution of Active Members 39 Figure 3.4: Public Equity – Top 10 Exposures 175 Figure 2.4: Distribution of Retirees and Beneficiaries 39 Figure 3.5: Fixed Income

Russell 100 ... Long Term Credit Bond Index Fund MSCI ACWI ex-US IMI Index Fund E Developed Real Estate Index Fund E Russell ... 2000 Index Fund A ... Stocks U. ... Developed Real Estate U. ... Performance data shown represents past performance and is not a guarantee or prediction of future results. For performance data current to the most recent month-end

The System’s assets are invested in the most prudent manner possible in order to achieve optimum long-term total returns with an appropriate level of risk. The System is committed to a disciplined, risk-controlled investment approach that focuses on thoughtful and prudent diversification of assets across a broad spectrum of capital market segments. The allocation of assets within the portfolio, as well as the fund’s overall structure, are continuously reviewed and adjusted as appropriate to achi

Background: Staff will present to the Board an annual update for the Public Equity portfolio. This update will provide an overview of the portfolio’s strategy, performance, activity, and initiatives. ... For the year ending December 31, 2025, the Public Equity portfolio was valued at $12.0 billion and accounted for 30.4% of SFERS Total Plan. ... As of March 31, 2026, the Public Equity portfolio was valued at $11.2 billion and accounted for 28.7% of SFERS Total Plan. ... • The role of SFERS’ Publ

Date: July 10, 2024 Agenda Item: Private Equity Annual Update _______________________________________________________________________________________ Recommendation: This is a discussion only item. Background: As of December 31, 2023, the Private Equity Portfolio had approximately $10.1 billion of NAV (or 29.3% of total Plan assets) and total exposure (NAV + unfunded) of $13.7 billion (or 39.7% of total Plan assets). Since inception, the Private Equity portfolio has generated a net IRR of 16.0%

Staff will ... , ... . Executive Summary ... The role ... Absolute Return is to enhance the risk-adjusted returns of the Plan through exposure to sources of return that differ meaningfully from traditional equity, fixed income, and private markets. Absolute Return serves as a secondary source of liquidity for beneficiary payments and capital calls. As of March 31, 2026, SFERS’ allocation to Absolute Return stood at $3.9 Billion representing 10.1% of the SFERS Total Plan. For the twelve months en

Larry Kochard, Chair of the Investment Advisory Committee (IAC), began his report by noting the IAC met on November 5, 2025, and approved the minutes from its August 20, 2025, meeting. The Committee received the Chief Investment Officer's report from Andrew Junkin (CIO) covering asset allocation, performance and new manager hires and terminations since the August 20 th IAC meeting. ... • A review was provided of the Private Equity Program; topics included an overview, exposures, results (includi

Report of the Chief Investment Officer CIO Report - April 2026 - Page 18 CIO Quarterly Report - QE December 2025 - Page 30 Performance Summary 2.28.26 - Page 39 Asset Allocation Report - February 2026 - Page 40 Daily Asset Allocation Report 4.15.2026 - Page 42 New Investments and Terminations 4.23.2026 - Page 43 DIME Quarterly Summary - QE March 2026 - Page 44 External Manager Referral Quarterly Summary - QE March 2026 - Page 49 A. Proposed Benchmark Changes Benchmark Recommendations - April

Report of the Chief Investment Officer CIO Report - June 2026 - Page 18 CIO Quarterly Report - QE March 2026 - Page 26 Performance Summary 3.31.2026 - Page 35 Asset Allocation Report - March 2026 - Page 36 Daily Asset Allocation Report 6.5.2026 - Page 38 New Investments and Terminations 6.17.2026 - Page 40 RBA – Approve FY2027 DB Plan Strategic Asset Allocation RBA - Approve FY2027 DB Plan Strategic Asset Allocation - Page 42 RBA – Approve Benchmarks for Credit Strategies, Diversifying Strateg

Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset allocation. Last, Mr. Junkin reviewed the New Investments and Terminations Report. ... Mr. Howell discussed the agenda for the private assets program reviews and provided a general overview of Private Equity, Credit Strategies, Private Investment Partnerships, and Real Assets. ... Mr. Noland provided a review of the Real Assets program. Review topics included an overview ofthe team

Changes to the investment program and efforts to liquidate private assets continued to be a major initiative in 2023. See additional discussion under Investment Program and Illiquid Real Estate and Private Asset Portfolio in this letter. Continued ... status, litigation management, and policy reviews were areas that also required specific attention in 2023. ... The investment program continued to see significant changes in 2023. DPFP made progress in reducing private asset exposure and increasin

Dallas Police & Fire Pension System December 31, 2022 ... | Category | ... | Notes | | --- | --- | --- | | Total Fund Performance Return | Negative | -2.2% | | Performance vs. Policy Index | Outperformed | -2.2% vs. -12.3% | ... 1 Performance vs. Peers | Outperformed | -2.2% vs. –12.3% median (1st percentile) | | Asset Allocation vs. Targets | Positive | Overweight real estate and underweight global equity helped | ... | Public Active Management | Mixed | 2 5 of 10 active public managers bea

Real Estate Real estate, infrastructure and natural resources are all real assets, which are includes long-lived physical assets, typically land and buildings, that derive their value from claims on current and future cash flows. The Real Estate (“RE”) asset class strategic objectives are to provide diversification to the overall CRPTF investment program, preserve investment capital and generate attractive risk-adjusted rates of return. In addition to providing current income and the potential f

0 million to Secondary Overflow Fund VI, L.P. Additionally, in the Real Estate portfolio, the Treasurer' ... Office decided has decided to commit an additional $50 million to ... Artemis Real Estate Partners Healthcare Fund III, ... total CRPTF ... $200 million, ... the recommendation presented to the IAC ... CRPTF Performance Presentation ... Ted Wright, Chief Investment Officer, Denise Stake, Deputy Chief Investment Officer, Mary Mustard, of Meketa, and Peter Woolley, of Meketa, provided a rev

selecting Investment Managers, ... minimum criteria should ... 1. The organizational structure of the Investment Manager (with the SIC seeking banks, insurance companies, investment management companies, or investment advisers as defined by the Investment Advisers Act of 1940). 2. Historical quarterly performance numbers calculated on a time-weighted basis will be utilized for performance screening. 3. Performance evaluation reports that illustrate the risk/return profile of the Investment Manag

, net of ... Real Estate Private Equity* ... Core Fixed Income Global Equity Value Added Fixed Income ... Timberland Portfolio Completion Strategies** ... Asset Class Benchmark Value Added ... PRIT Fund Periodic Table of Returns (Gross of Fees) as of September 30, 2023 ... | 1 Year | 3 Year | 5 Year | 10 Year | | --- | --- | --- | --- | | GLOBAL EQUITY 21.5% | PRIVATE EQUITY 23.0% | PRIVATE EQUITY 20.0% | PRIVATE EQUITY 20.0% | | VALUE-ADDED FIXED INCOME 10.2% | REAL ESTATE 11.5% | REAL ESTATE 8

Real Estate 9.0-16.5% 12.5% $ 13,493,985 13.9% 0.02 0.16 (5.30) (2.75) 3.95 4.69 5.04 6.25 ... Oregon Custom Real Estate Benchmark 1.53 0.01 (6.32) (4.43) 2.23 2.00 2.97 4.95 ... Real Assets 2.5-10.0% 7.5% $ 10,443,608 10.8% 4.38 9.63 8.53 9.08 12.21 12.77 7.83 7.21

Strathclyde Pension Fund - Administration performance – Position noted. ... Strathclyde Pension Fund – Investment performance noted. ... 13 There was submitted and noted a report by the Director of Strathclyde Pension Fund regarding ... Glasgow City Council, City Chambers, Glasgow G2 1DU (1) the investment performance to 30th June 2025; ... (2) a summary of the distribution of portfolios and Direct Impact Portfolio investment as at 30th June 2025; ... (3) the outcome of the Investment Advisory P

As of 31 March 2025, the pool has increased its proportion of assets under pool management to c75%. No new sub-funds were launched in 2024/25, however the procurement exercise to identify partners to address the Constituent Authorities Real Estate requirements was completed. Schroders and CBRE have been appointed to deliver Real Estate investment solutions across Core UK property, Global property, and Local / Impact in Wales. The Real Estate Investment programme is due to be launched in 2025/26

Albert Chen 2 December 2019 ▪ Investment strategy overview ▪ Performance to 31 March 2019 ▪ Cost benchmarking ▪ Property team update ... | Real Assets | | 18% | | | | 0% | | | 9% | | 18% | | | 17.7% | | ... 30/09/2019 Employer Strategies At end September 2019 ... Note numbers may not sum due to rounding ... Current asset allocation ... LOTHIAN PENSION FUND 22 November 2019 Fund size £8,243m ... TOTAL 100 100 Investment performance to 31 March 2019 ... 4.9 ... 8.4 ... 4.6 ... 8.2 ... 6.0 ... 9.0

A Year of Change, Progress and Performance This year has been one of change, and significant progress. We’ve moved closer to meeting our long-term commitments in our Corporate Plan. In doing so, we’ve faced necessary challenges to ensure we continue improving our service to members and support them into and beyond retirement. As Chair of the Pensions Committee for the West Midlands Pensions Fund, I'm pleased to present this year’s Annual Report and Accounts. The report highlights the Fund’s perf

As a result of this structural change, the amendments to the RA Policy focus on the “Proposed RA Target Structure” shown in Table 1 above. In addition, because the only types of investments that are expected to be made going forward are private funds in the infrastructure and natural resources sectors (i.e., “private investments), there are also amendments that reduce the types of investments allowable under the policy. Section IV (“TYPES OF REAL ASSETS INVESTMENTS”), Section VI (“STRATEGIC ALLO

Alameda County Employees' Retirement Association May 31, 2026 ... 1,488,364,713 9.8 10.0 -0.2 Risk Seeking Fixed Income 907,486,714 6.0 4.0 2.0 Real Estate 828,830,891 5.5 8.2 -2.7 Private Equity 993,181,709 6.6 11.0 -4.4 Absolute Return 945,156,035 6.3 6.0 0.3 Real Assets 980,212,929 6.5 6.0 0.5 Private Credit 555,282,808 3.7 6.8 -3.1 Cash + Overlay ... | Alameda County Employees' Retirement Association CASH FLOW SUMMARY BY MANAGER | | | | May 31, 2026 | | --- | --- | ---

This semi-annual report of the business plan initiatives (BPIs) for Fiscal Year 2024-25 (FY25) presents progress on six priority initiatives during the reporting period from July to December 2024, with three continuing initiatives and three new initiatives. ... Attachment: Semi-Annual Report of Business Plan Initiatives Fiscal Year 2024-25 for the reporting period ending December 31, 2024 ... A. CHIEF INVESTMENT OFFICER VERBAL REPORT – Rod June, Chief Investment Officer, reported on the portfoli

Introduction 2. Q3 202 ... Review 3. Real Estate Program 4. ... and Market Update as of September 30, 2025 5. Disclaimer, Glossary, and Notes Introduction ... Q3 2025 Portfolio Review ... Real Estate Program June 30, 2025 ... Overview | As of June 30, 2025 ... Introduction The Retirement Association’s target allocation towards real estate assets is 17%. As of June 30, 2025, the Retirement Association had invested with twenty three real estate managers (six private open-end and seventeen priva

WASHINGTON STATE INVESTMENT BOARD PRIVATE EQUITY PORTFOLIO OVERVIEW BY STRATEGY ... NOTE: IRRs presented are interim estimates and may not be indicative of the ultimate performance of partnership investments due to a number of factors, such as the lack of industry valuation standards and the differences in the investment pace and strategy of various funds. IRRs tend to be less meaningful in the early years of a partnership’s term when underlying portfolio company investments have typical

Investment portfolio as of November 30, ... 2025 ... Total Public Equity 41.8% Private Equity 14.8% Real Estate 12.2% Inflation Sensitive 7.1% Fixed Income 12.7% Risk Mitigating Strategies 7.7% ... Total Public Equity 62.7% Private Equity 16.5% Real Estate 8.6% Inflation Sensitive 5.6% Fixed Income 3.0% Risk Mitigating Strategies 5.1% ... Blackstone ... Beacon ... BlackRock ... Attachment 1 ... Investment Committee – Item 3 January 29, 2026 Page 1 ... Real Estate ... At the July 2021 Invest

Third Quarter 2015 Private Markets Performance Review ~Infrastructure~ ... We are pleased to present the September 30, 2015 Private Markets Report for the Infrastructure portion of the Dallas Police & Fire Pension System, (“DPFPS”). The report provides a variety of performance analysis for the infrastructure sector of the portfolio. The reports include trailing performance, performance by investment stage and vintage year performance. ... The DPFPS infrastructure portfolio experienced a nega

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Total Alternatives Account 1 1,316.4 521.8 889.9 622.4 1.3 8.6 Legacy Private Equity 1,2 361.2 184.3 295.8 251.5 1.5 9.4 NB Fund of One 1 200.5 24.6 22.0 0.0 1.1 NM Private Debt 497.5 197.8 439.3 312.1 1.2 6.0 Real Estate 217.2 89.1 107.8 56.1 1.3 15.9 Real Assets 40.0 25.9 25.1 2.7 1.1 NM ... As of September 30, 2018, the Plan had committed $217.2 million to 13 real estate funds. The total reported fair value of the Real Estate Program’s investments was $89.1 million at September 30, 2018, whic

Fourth Quarter 2024 ... Real Estate 2007 290.5 45.6 277.7 223.4 123.7 1.25 6.0 2.9 ... Real Assets 2016 148.3 57.2 100.5 46.3 82.4 1.28 9.8 3.0 ... As of December 31, 2024, the San Jose Federated City Employees’ Retirement System had committed $345.1 million to 23 private debt partnerships and 2 co-investments. The reported fair value of the aggregate Private Debt Program was $118.3 million at December 31, 2024, which equates to 3.7% of the overall Retirement System, above the 3.0% ... | | P