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Return Benchmark The WSIB real estate program will seek to earn an 8 percent annual investment return over a rolling 10-year period. For comparison purposes (including Cost Effectiveness Management surveys, internal risk system calculations, and implementation value added calculations) the net investment return of the WSIB real estate program will be compared to the gross investment return of the National Council of Real Estate Investment Fiduciaries (NCREIF) National Property Index (the NCREIF

MEMORANDUM DATE: February 14, 2025 TO: California State Teachers’ Retirement System FROM: RCLCO Fund Advisors – Taylor Mammen, Ben Maslan, Erik Ctvrtlik, and Ethan Michalowski SUBJECT: Semi-Annual Open Session Report; As of September 30, 2024 INTRODUCTION RFA’s semi-annual report is as of Q3 2024. Goals and objectives that the semi-annual report evaluates include: a real estate allocation target of 15%; a net return that exceeds the NCREIF NFI-ODCE Index, a hedge against inflation and stable cas

Asset Class Performance Summary (Net) ... 1,8 ... ,59 ... ,79 ... 100 ... Allocation Index - ... 0 9. ... Total Fund Ex ... Asset Class Performance Summary (Net) Market Value ($) ... Real Estate 160,752,972 8.6 3.2 10.8 12.4 6.4 4.0 -1.4 3.8 Mar-85 NCREIF Property (1 Qtr Lag) -2.0 -7.1 -6.6 6.8 5.9 7.8 7.8 Mar-85 Natural Resources 106,619,037 5.7 0.6 -5.4 -6.1 -0.2 0.1 1.0 2.5 Dec-10 NCREIF Farmland Total Return Index (1 Qtr Lag) 0.8 6.3 8.4 7.7 6.5 8.4 10.2 Dec-10 Infrastructure 39,368,101 2.1

This Popular Annual Financial Report (PAFR) summarizes the Annual Comprehensive Financial Report (ACFR), which is prepared in accordance with Generally Accepted Accounting Principles of the United States of America (U.S. GAAP). The PAFR provides a concise summary of the Plan’s financial position, investment performance and key accomplishments throughout the fiscal year. This report is not intended to replace the ACFR, which provides a complete overview of the Plan’s financial position and operat

Total Alternatives Account 1,432.2 564.0 1,000.1 709.1 1.3 8.3% Legacy Private Equity 1 20 ... 5 361.2 186.1 311.5 275.6 1.5 9.3% NB Fund of One 1,2 2017 266.1 55.6 49.9 2.0 1.2 19.0% Private Debt 2010 529.5 185.1 465.3 350.3 1.2 5.4% Real Estate 2007 216.2 101.7 139.0 76.0 1.3 13.4% Real Assets 2016 59.2 35.4 34.6 4.4 1.2 11.3% ... Real Estate Program ... As of June 30, 2019, the Plan had committed $216.2 million to 13 real estate funds. The total reported fair value of the Real Estate Pr

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Second Quarter 2024 Private Real Return (PRR) Performance Update ... Q2 Private Real Return Performance ... PRR Portfolio Highlights – June 30, 2024 ... PRR Portfolio generated 16th consecutive quarter of positive performance in Q2 • Quarterly net value gains of $9.8M during Q2, continuing strong performance from prior 15 quarters • Since inception IRR decreased 21 basis point from the prior quarter • The Portfolio outperformed its designated benchmark, CPI-U + 400 bps, by 518 bps o

Third Quarter Review - Real Assets ... General Market - Diversified Inflation Strategies (DIS) Diversified Inflation Strategy managers tracked closely by RVK reported mixed performance versus a US-centric 60% equity and 40% fixed income blend with manager performance ranging from strongly negative to slightly positive. Managers with larger exposures to long-duration fixed income, listed infrastructure, and real estate lagged peers most significantly while those with larger exposure to the energy

Process Recap and Executive Summary ... / Reward Trade ... IV. Efficient Frontiers ... V. ... VI. Appendix i. ... Role of Real Estate ... on • Return – arithmetic • 10 year downside deviation  Downside Threshold Risk set at 2.75% (PCA inflation assumption ...  Three Portfolios identified to run with Liabilities (next page) • Current RI Policy Portfolio • Portfolio 10 • Same expected return as Current policy portfolio • Lower downside risk • Portfolio 17 • Same downside risk as Current polic

SIC), which ... monthly basis. It ... §35 ... 10. The SIC has established an asset allocation policy which may be amended by the SIC Board by a majority vote of its members. The SIC’s asset allocation policy seeks to achieve the assumed rate of return adopted by the System over the long-term while reducing risk through the prudent diversification of the portfolio across various asset classes. The approved asset allocation policy is outlined in Note 5 to the Basic Financial Statements. During fis

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-B, ... .P. Buyout - Mid 2012 ... 3,38 ... 570 81, ... , L.P ... Buyout - Mid 2005 ... ,000 3 ... 7 Advent International GPE VIII ... B, L ... 201 ... 50, ... out - Mid 201 ... 39 ... ,734 ... Fund, L.P. ... 202 ... 0 5 ... Aurora Equity Partners VII ... out - Mid 20 ... ) Austin Ventures ... Capital 20 ... 0,0 ... 0 3,0 ... 00 -Austin Ventures VII ... .P. ... Capital 19 ... 8,4 ... -Austin Ventures VIII, L ... 2022 55,391 ... 3,552 ... 500 Builders VC Fund II, ... 21 15, ... 0 10 ... 12,500 12

REAL ESTATE QUARTERLY PERFORMANCE REVIEW – Q4 2021 ... 1. REAL ESTATE QUARTERLY PERFORMANCE REPORT As of December 31, 2021 ... The table below displays trailing time period performance for the Pennsylvania State Employees Retirement System (“PA SERS”) Real Estate Portfolio as of December 31, 2021, along with select benchmarks ...  Real estate markets had a strong 2021, rebounding from the effects of the COVID-19 pandemic felt in 2020, with the PA SERS portfolio generating a 19.6

REAL ESTATE QUARTERLY PERFORMANCE REVIEW ... SECOND QUARTER 2022 ... PENNSYLVANIA SERS ... 1. REAL ESTATE QUARTERLY PERFORMANCE REPORT ... As of June 30, 2022 ... PORTFOLIO PERFORMANCE SUMMARY ... The table below displays trailing time period performance for the Pennsylvania State Employees Retirement System (“PA SERS”) Real Estate Portfolio as of June 30, 2022, along with select benchmarks ...  The total real estate portfolio generated a total net return of -2.5% for th

Nebraska Investment Council | Second Quarter 2025 ... | --- | --- | --- | ... | Annual Themes | ... 2025 Key Investment Themes for Public Funds | Link to Article Link to Video | ... | Market View | Quarterly Market Review and Outlook Video | Link to Video | | | Navigating Today’s Real Estate Market | Link | | ... ourced Chief Investment Officer: The Key to Navigating Volatility | Link | | | ... | Real Estate | | | ... Nebraska Investment Council ... Total Assets by Asset Pool Total Defined

Development Monitoring System Report ... April 2023 ... Development Monitoring System Report ... April 2023 ... January 1, 2022 to December 31, 2022 ... Development Monitoring System Report (DMS).....................................................................................................................................................2 ... Residential Development

Mr. Frank Aten, Ms. Jessica Wilbers and Mr. Dan Lane from the PSRS/PEERS investment staff reviewed the Systems’ Public Equity portfolio including program objectives, guidelines and long-term results. The 5-year annualized return for the U.S. Equity composite for the period ended September 30, 2023 was 8.4%. The 5-year annualized return for the Non-U.S. Equity composite for the period ended September 30, 2023 was 6.0%. ... Mr. Craig Husting and Mr. Michael Hall from Russell reviewed ongoing inves

Annual Summary (in thousands) Total Total (A) (B) (C) (B+C) (B+C-A) Partnerships Commitment Contributions Distributions Fair Value Total Value Gain Loss Net IRR Benchmark September 30, 2023 58 $319,469 $192,960 $129,259 $160,715 $289,973 $97,013 11.31% 12.00% September 30, 2024 62 $345,062 $223,215 $141,009 $192,310 $333,319 $110,105 11.00% 11.81% Annual Change 4 $25,593 $30,255 $11,750 $31,595 $43,346 $13,092 ... 0,750 ... 39,519 ... 1,231 ... 1,109 ... 109 -1 ... 0.90 ... Portfolio Total : 345

MARCH 31, 2021 NEW MEXICO EDUCATIONAL RETIREMENT BOARD INFRASTRUCTURE PROGRAM FIRST QUARTER REPORT CONFIDENTIAL AND PROPRIETARY | FIRST QUARTER REPORT ... NEW MEXICO EDUCATIONAL RETIREMENT BOARD ... FIRST QUARTER REPORT ... EXECUTIVE SUMMARY ... 1 PORTFOLIO CASH FLOWS AND PERFORMANCE ... 5 PORTFOLIO RETURN VS. BENCHMARK ... 6 INVESTMENT POLICY GUIDELINES ... 7 ... EXECUTIVE SUMMARY The following report presents a summary of the portfolio composition and returns for the infrastructure…

Real Assets Performance Report – Q2 2025 ... P. 6 Portfolio Exposures ... P. 9 Real Assets Performance Update ... ▪ The NCREIF Open End Diversified Core (“ODCE”) and NCREIF Property Index (“NPI”) reported Q2 2025 gross returns of 1.0% and 1.2%, respectively. 1,2 ... ▪ Transaction volumes during Q2 2025 were up slightly quarter-over-quarter. The NPI reported 107 property transactions during the quarter, an 8% increase from Q1 2025 (99). The Office sector was most active with a t

Nebraska Investment ... Real Assets Performance Report – Q3 2025 ... 2026 ... P. 5 Portfolio Exposures ... P. 8 Real Assets Performance Update ... Q3 2025 ... 2 2025 ...  The NCREIF Open End Diversified Core (“ODCE”) and NCREIF Property Index (“NPI”) reported Q3 2025 gross returns of 0.7% and 1.2%, respectively. 1,2  Transaction volumes during Q3 2025 were meaningfully up quarter-over-quarter. The NPI reported 182 property transactions during the quarter, a 70% increase…

CalPERS CIO Quarterly Performance Report ... QUARTER ENDING MARCH ... 31, 2013 ... Section V: Real Assets Real Assets Summary & Real Estate Summary Real Estate Top 20 Partners by Exposure Real Estate Partners Performance by Strategy Forestland & Infrastructure Performance by Partners Section VI: Inflation Inflation Summary ... idity Liquidity ... | TOTAL FUND SUMMARY GROWTH INCOME REAL ASSETS INFLATION LIQUIDITY ABSOLUTE RETURN STRATEGIES * MULTI-ASSET CLASS***** CURRENCY OVERLAY PLAN…

| Real Estate | | | | | 7.5-17.5% | | | | 12.5% | | | | $ | 12,071,327 | | | 12.8% | | | | 10.70 | | 28.95 | | | | 15.16 | | | 12.54 | | | 11.35 | | | | 10.51 | | | 10.09 | | 11.09 | | ... | Real Assets | | | | | 2.5-10.0% | | | | | 7.5% | | | $ | | 6,972,466 | | | 7.4% | | | 6.10 | | 18.90 | | | | 12.12 | | | 7.87 | | | 5.52 | | | | | 6.22 | | 5.27 | | 3.98 | | ... Asset Class Benchmarks: MSCI AC ... (12.97) (6.21) 17.86 9.21 7.96 9.19 7.82 9.17 RUSSELL 3000+300 BPS QTR LAG 8.36 24.48 30.75 26.

We launched our first property fund – the LGPS Central UK Direct Property Authorised Contractual Scheme (ACS) – in April 2023. This has already attracted commitments of £130 million from two Partner Funds and had invested in its first three properties by 31 March 2024. We launched our third private equity vintage, with commitments of £210 million from five partner funds, while our first indirect property fund (property investments held indirectly through funds managed by third-party managers)…

we announced a ... ’s investment ... ). This commitment will provide additional focus and ... to the current climate emergency. It will help frame ... conversations with external managers and with ... investee companies, reinforcing our expectations around climate risk management and establishing parameters around the decarbonisation of our investment portfolios. We will utilise the Institutional Investor Group on Climate Change’s (‘IIGCC’) Net Zero Investment Framework to achieve net zero…

Annual Report 2022/2023 Northern LGPS Pool ... of the Chair ... As Chairman of the Northern LGPS Pool Joint Committee I am once again delighted to update all stakeholders on the progress made by the Northern LGPS Pool over the year, highlight some key achievements and look ahead to 2024 and beyond. First of all, and most importantly, I am delighted to report that the investment performance of the Pool over the year was excellent, with an investment return of 1.4% above benchmark,…

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31, ... 2022 ... Total Public Equity Portfolio $ 36,695,596 (20.5) 3.6 ... 5.2 8.3 5.5 7.9 ... NCRS Public Equity Portfolio ... December 31, 2022 ... NCRS Private Equity Portfolio ... December 31, 2022 ... North Carolina Economic Opportunities Fund 2001 2015 - 6,561,414 - 16.27 1.69 11,078,893 1.69 N/A ... Northbound NCRS Fund, L.P. 2015 238,440,340 200,000,000 24,183,018 16.72 1.99 110,821,843 0 ... 63 YES ... Total Private Equity Portfolio 6,240,948,993 13,570,939,112 2,160,684,762 10.25 1.65

The PRIT Fund Performance Report is attached as Appendix B. • The BNY Mellon Gross of Fees Performance Report is attached as Appendix C. III. Performance Review and Market Summary Performance data for Real Estate and Timberland is attached as Appendix D. Total Real Estate Through September 30, 2022, gross-of-fees returns for Real Estate over the one-, three-, five- and ten year periods were as follows: ... Over/Under Performance 1-Year 17.4% 18.5% -1.1% 3-Year 13.0% 9.5% 3.5% 5-Year 11.1% 8.7%

D. PAI Europe VII Manager Update Jonathan Grabel, Chief Investment Officer (Memo dated November 27, 2019) E. Real Estate Performance – Second Quarter John McClelland, Principal Investment Officer (For Information Only) (Memo dated November 26, 2019) December 11, 2019 Page 4 XI. REPORTS (Continued) ... F. Council of Institutional Investors Joint Letter to Securities and Exchange Commission Scott Zdrazil, Senior Investment Officer (For Information Only) (Memo dated November 26, 2019) G. Semi –…

Mark White, ... Margaret McKnight, Stepstone Jose Fernandez, Stepstone Natalie Walker, Stepstone VII. EVOLUTION OF LACERA’S PORTFOLIO A review and discussion of how LACERA’s portfolio has evolved over the last 20 years across multiple dimensions of portfolio management, highlighting several significant historical initiatives and outlining future aspirations to further advance the portfolio objectives. Mike Romero, LACERA Magdalia Armstrong, LACERA Quoc Nguyen, LACERA Shelly Tilaye, LACERA Inga T

_____________________________________________ Recommendation ... • SFDCP Quarterly Memorandum – Q4 ‘24 • Q4 ’24 Plan Review • Quarterly Activity Report – Q4 ‘24 • Galliard Q4 Economic Update • Age 60-63 Direct Mailer • SFDCP Diversified Real Asset Fund Direct Mailer ... • Stable Value Credit Rate is 3.19% for Q1 2025 • SFDCP Stable Value Fund Investment Manager Search • SFDCP Diversified Real Asset Fund available 02/28/25 • Portfolio Manager transitions and Watch List additions The SFDCP…

Report of the Investment Advisory Committee Larry Kochard ... Chair of the Investment Advisory Committee ... IAC), began his report by noting the IAC met on November ... 5, ... 5, 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 20th IAC meeting. Following the CIO report, staff provided an update on the…

MEMORANDUM DATE: August 21, 2024 TO: California State Teachers’ Retirement System FROM: RCLCO Fund Advisors – Taylor Mammen, Ben Maslan, Amber Hughes, and Ethan Michalowski SUBJECT: Semi-Annual Open Session Report; As of March 31, 2024 INTRODUCTION RFA’s semi-annual report is as of Q1 2024. Goals and objectives that the semi-annual report evaluates include: a real estate allocation target of 15%; a net return that exceeds the NCREIF NFI-ODCE Index, a hedge against inflation and stable…

Item 5 ... Real Estate Strategic Review Amit Aggarwal, Principal Investment Officer, ... present the Real Estate Strategic Review. ... Total CRPTF Asset Allocation ($62.7B NAV) ... Real Estate, 6.2% Infrastructure and Natural Resources, 3.5% ... While the CRPTF outperformed its benchmark in Q2 ... 2025, it has underperformed over the longer term, ... due to abnormally ... which has made benchmark outperformance more challenging ... As of Q ... ’25, the INR portfolio has a current weighting of 35

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of the governmental activities, the business-type ... the aggregate discretely presented component units, each major fund, and ... aggregate remaining fund ... information of the State of Rhode Island and Providence ... (the State), as of and for the year ended June 30, 2 ... 17, ... related notes to the financial statements, which ... comprise the State’s basic ... as listed in the table of contents ... s discussion and analysis ( ... .3…

Housing and real estate At the end of fiscal year 2023, the City’s real estate market is indicating a strained recovery from the downturn ... resulting from the COVID-19 pandemic. . As of June 2023, single-family home sales fell 12.8 percent compared to ... the same period prior year with single-family home median sales prices falling to $345,000, well below the June ... 2022 median of $354,000. Houston’s real estate market continues to exhibit volatility as we anticipate the ... potential for a

No changes were made to the Investment Policy during fiscal year 2025. Investment Commitments ISBI had total unfunded investment commitments of $4,868,325,808 as of June 30, 2025 across its Real Estate, Private Equity, Private Credit, and Infrastructure investment portfolios. These portfolios consist primarily of passive interests in limited partnerships. ISBI funds outstanding commitments by utilizing available cash and/or selling liquid portfolio securities as necessary. ... to exit from ... i

The New York City Employees’ Retirement System’s (“NYCERS”, the “Funds” or the “Plan”) discussion and analysis provides an overview of the Funds’ combining financial activities for the Fiscal Years ended June 30, 2023 and 2022. It is designed to assist the reader in understanding NYCERS’ combining financial statements by providing a review of financial activities during Fiscal Years 2023 and 2022, the effects of any significant changes, and a comparison versus prior year activity. The…

, 20 ... , Co- ... State Capitol Madison, Wisconsin 53702 Dear Senator Wimberger and Representative Wittke: We have completed an evaluation of the State of Wisconsin Investment Board (SWIB), as required by ss. 13.94 (1) (df) and 25.17 (51m), Wis. Stats. In December 2023, SWIB managed $155.1 billion in assets, ... including investments of the Wisconsin Retirement System (WRS) and six other funds. ... As of December 2023, the 20-year average annual investment return of the Core Fund was 7.1…