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Program Overview The Los Angeles Department of Water and Power Employees’ Retirement, Disability and Death Benefit Plan (the “Plan”) Private Equity Program (the “Program") consists of both fund-of-funds and one direct partnership investment as of March 31, 2009. The Program is relatively young as the initial commitments to two secondary market fund-of-funds were made in 2006. As private equity partnerships are long-term investments that are invested over several years, the Program is expected…

independent financial source ... current market pricing ... The Assistant CFO and Treasurer or his/her designee shall submit quarterly investment reports that summarize investment income to the Committee and the Board for information and evaluation. Pursuant to California Government Code section 53646, the report will list the type of investments, name of issuer, maturity date, par and dollar amount of the investments. For the total investment program, the report will list average maturity,…

Notice ... . Report of Payment ... for May 202 ... 5. Investment Reports for April 2024 a) Summary of Investment Returns as of April 30, 2024 b) Market Value of the Retirement, Death, and Disability Funds and Retiree Health Benefits Fund as of April 30, 2024 c) Market Value of Investments by Fund and Month as of April 30, 2024 ... 9. Presentation by StepStone Real Estate – Q4 2023 Real Estate Performance Mr. Jay Morgan, StepStone Real Estate, presented the item. REGULAR RETIREMENT BOARD…

MEMORANDUM To: Grace Mao, Finance and Risk Control Division Divina Mercado, LADWP Investments From: KPMG Accounting Advisory Services (AAS) Subject: June 30, 2024 Investment Review Date: February 3, 2025 KPMG was engaged by the Los Angeles Department of Water and Power ("LADWP") to: 1. Assess LADWP's investment portfolios as of June 30, 2024, to determine whether their risk profile is appropriate to meet their investment objectives; 2. Compare the risk level in LADWP's trust funds relative to…

The Water and Power Employees’ Retirement Plan of the City of Los Angeles ... ial Valuation and Review as of July ... We are pleased to submit this Actuarial Valuation and Review as of July 1, 2025. It summarizes the actuarial data used in the valuation, analyzes the preceding year's experience, and establishes the funding requirements for fiscal year 2025-2026. ... This report has been prepared by Segal to present a valuation of The Water and Power Employees’ Retirement Plan of the City…

JUNE 30, 2024 ... WATER and POWER EMPLOYEES’ RETIREMENT, DISABILITY and DEATH BENEFIT INSURANCE PLAN ... The Summary Annual Report as of June 30, 2024, is submitted in conformity with Section III C (4) of the Retirement Plan provisions. A complete financial report, audited by Simpson & Simpson, CPAs, is available on the Retirement Plan Office website (https://retirement. ... wp.com/). ... 9,3 ... 6 21,075,626,579 RETIREMENT FUND PORTFOLIO PERFORMANCE (Fiscal Year Ended June 30, 2024)

Attached is the quarterly investment report for the special trust funds (Trust Funds) that are held by U.S. Bank Trust Company, National Association (Trustee) and are managed internally by LADWP. LADWPs Trust Fund Investment Policy (Investment Policy) requires the Financial Services Organization to submit a quarterly investment report to the Board of Water and Power Commissioners. ... For the quarter ending September ... the Decommission ... Portfolio Valuation Investment ... 52 ... 166,293,197

PRR Portfolio generated 15th consecutive quarter of positive performance in Q1 • Quarterly gains of $10.8M during Q1, continuing strong performance from prior 14 quarters • Since inception IRR decreased 19 basis point from the prior quarter and remains above pre-COVID levels • The Portfolio outperformed its designated benchmark, CPI-U + 400 bps, by 532 bps on a since ... • Portfolio generated gains in all four quarters over ... • Portfolio generated ... distributions of $ ... • Net value…

Net value increased $0.8M ... Q2 • Distributions of $ ... 6.8M in Q2 • Quarterly IRR of ... 0.13% • Total Market value decreased 0.3% during Q2 ... net cash flow out ... | | Portfolio Snapshot ... (USD in ... Real Estate 1% ... Santa Barbara County Employees' Retirement System Portfolio Performance Summary by ... as of June 30, 2024 ... 2021 Mega Buyout ... 10,0 ... 0,000 3,294,027 7,220,157 692,443 7,995,830 8.8% Hellman & Friedman Capital Partners XI, L.P. 2023 Mega Buyout 10,000,000 10,000

Santa Barbara County Employees’ Retirement System Fourth Quarter 2024 Private Equity (PE) Performance Update ... PE Portfolio Highlights – December 31, 2024 Performance ... public benchmark ( ... with an IRR of 3. ... Q4 2024: Positive performance and value creation • Net value increased $0.1M during Q4 • Distributions of $28.7M in Q2 • Quarterly IRR of 0.00% • Total Market value decreased 1.7% during Q4 given net cash flow out ... • Generated gains in all four of the prior quarters •…

due to investment ... by the difference between contributions and benefit ... , investment return ... primarily driven by strong performance in public equity ... moderated by the ... An additional structure study found that the portfolio was able to take on additional illiquidity risk of Private Investments in the Real Assets allocation. Based on the findings, the Board of Retirement ... approved changing the Private-to-Public Real Assets allocation from 60/40 to 75/25. The ... recommendation…

Thepensionfundportfolioexperiencedamarketrateofreturn of9.77%(netoffees)forthefiscalyearendedJune30,2025.As of June 30, 2025, the SBCERS’ Total Net Position Restricted for Benefits was $4.9 billion. SBCERS’ Net Position for Pension Benefits increased by $384.4 million during the fiscal year, mostly due to investment gains of $429.2 million offset by the difference between contributions and benefit payments. Overall, return was driven by moderate performance in both domestic and international…

Fourth Quarter 2019 Real Estate Performance Update ... 17 Fourth Quarter 2019 Real Estate Performance ... 30 Portfolio Summary ... 32 Detailed Portfolio Summary for the Period Ending December 31, 2019 ... Fourth Quarter 2019 Real Estate Performance ... SBCERS Investment Return Snapshot ... SBCERS Real Estate Attribution Analysis ... Quarter Return data for December 31, 2019 ... SBCERS Property Type vs Index ... Quarter Return data for December 31, 2019

Second Quarter Review - Real Assets ... General Market - Diversified Inflation Strategies (DIS) Diversified Inflation Strategy (DIS) managers tracked closely by RVK broadly underperformed a US-centric blend of 60% equity and 40% fixed income during the quarter. Managers with larger exposures to commodities and TIPS lagged peers most significantly while those with larger REIT and Global Listed Infrastructure allocations tended to outperfrom peers. General Market - Real Estate Core private real…

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asset allocation can ... along with schedules ... and brokerage commissions on pages ... 90 and ... position-restricted for benefits increased ... $10.1 billion ... $11 ... December 3 ... 13.9 ... net of investment management fees, reflecting market ... CCCERA’ ... rate of return ... 12.6 ... PORTFOLIO MANAGEMENT: As an integral part of the investment policy, CCCERA has an internally developed portfolio construction methodology, known as the Functionally Focused Portfolio (FFP), to assign…

 CCCERA real estate returned 1.8% for the quarter. This return outperformed the median real estate ... manager return of 1.6% and the CCCERA real estate benchmark return of -0.4%. ... Real Estate The median real estate manager returned 1.6% for the quarter while CCCERA’s total real estate returned 1.8%. CCCERA’s total real estate ranks in the 2nd percentile over the trailing year, the 8th percentile over the trailing five-years, and the 4th percentile over the trailing ten years. For comments o

Overview On a quarterly basis CCCERA’s Board receives a report which details critical elements of CCCERA’s Functionally Focused Portfolio’s sub-portfolios. The purpose of the report is to highlight elements of the sub-portfolios which are good indicators to the Board of the program’s efficient and effective operation. Summary CCCERA’s Total Fund is largely performing as expected, exhibiting returns above expectations for the amount of risk taken over the long term. This is measured by the…

4TH QUARTER 2024 Investment Landscape ...  Trends and challenges in the commercial real estate sector ... How fixed income portfolios are affected ... | Economic environment 9 | ... | --- | ... | Fixed income rates & credit 20 | ... | Equity 27 | ... | Other assets 37 | ... TRENDS AND CHALLENGES IN THE COMMERCIAL REAL ESTATE SECTOR ... The rise and fall of interest rates can have a significant positive or negative impact on fixed income portfolio performance. ... HOW FIXED INCOME PORTFOLIOS…

Overview On a quarterly basis CCCERA’s Board receives a report which details critical elements of CCCERA’s Functionally Focused Portfolio’s sub-portfolios. The purpose of the report is to highlight elements of the sub-portfolios which are good indicators to the Board of the program’s efficient and effective operation. Summary CCCERA’s Total Fund is largely performing as expected, exhibiting returns near expectations for the amount of risk taken over the long term. This is measured by the…

4TH QUARTER 2025 Investment Landscape ... Real Estate Fund ...  LDI ... Verus addresses the state of the core real estate fund universe. Discussion includes the mixed fundamental conditions facing the asset class and the heavy redemption queues that continue to challenge certain funds and frustrate investors who are seeking liquidity. ... 3rd quarter summary ... 2.9% to ... but price rises ... much more subdued relative to ... forecasts of many economists ... shift in U.S. trade policy.

CASH PORTFOLIO ... STRUCTURE REVIEW ▪ The ERSRI Pension Plan has a strategic cash asset allocation target of 2.0% ‒ The allocation resides within the Volatility Protection category (15% target) which is part of the broader Stability sleeve (33% target) ... ▪ The strategic cash portfolio is actively managed by Payden & Rygel ▪ Since inception (2017) the strategy has outperformed the benchmark by ~25 basis points, net of fees ‒ Despite the long-term outperformance, there have been periods of…

| Private Real Assets (ex Real Estate) | 4.0% | -- | Cambridge Associates Private Infrastructure Index, 1Q Lag | ... | Core Real Estate | 4.0% | -- | NFI-ODCE Index, 1Q Lag | ... seeks to profit ... • Private Real Assets (ex-Real Estate) The Private Real Assets (ex-Real Estate) portfolio primarily consists of privately listed infrastructure funds that invest in physical systems vital to the broad economy or certain essential sectors such as transportation, energy, water/wastewater, and…

 Employees’ Retirement System of Rhode Island made an original commitment $35 million to AEW’s core open-end fund in Q3 2008 and made additional commitments in 2013 and 2016.  Being one of the original investors in the Fund, ERSRI’s management fee on their entire commitment is 50 bps per annum.  Since inception, ERSRI has received dividends of approximately $41.9 million, equating to a dividend yield of 4.96% and has outperformed the ODCE benchmark net of ... AEW CORE MULTIFAMILY…

The annualized time-weighted return (net of fees) on the portfolio for the one-year, three-year, and five-year periods ended June 30, 2024 were 10.5%, 5.9%, and 9.1%, respectively. A discussion regarding annualized returns and related benchmark indices for fiscal year 2024 is explained in the MD&A. ... more detailed exhibit ... and investment performance ... Investment Section of this report ... During fiscal year 2024, the SIC continued to focus on maintaining an asset allocation structure…

79 ... Investment Portfolio ... 79 ... Performance: Actual Returns vs. Benchmark Returns ... 84 ... 86 ... The defined benefit program had a return of 7.08% while the group life insurance program had a return of 6.6% for fiscal year 2019. Total value of the defined benefit portfolio increased to $15.1 billion at June 30, 2019 from $14.5 billion at June 30, 2018. This increase in the total value of the portfolio is due to earnings that exceeded the negative cash flow experienced by the mature…

completed the Act ... ial Valuation Report for the Maine Public ... System (MainePERS ... System) State Employee and ... ) as ... 30, 2 ... Measure and disclose, as of the valuation date ... the financial condition of the ... Examine trends, both historical and prospective, in the condition of the Program, ... Assess and disclose actuarial risks of the ... Report on the ... in this valuation for ... ) 2 ... 4 were developed in ... budgeting process in July 2022, based on a roll-forward of the…

Investment Portfolio .............................................................................................................................................................................94 ... Largest Holdings....................................................................................................................................................................................99 ... Performance: Actual Returns vs. Benchmark…

Investment Portfolio ... 89 ... Largest Holdings ... 96 Performance: Actual Returns vs. Benchmark Returns ... 97 ... The defined benefit program had an annual money weighted rate of return of 3.4% while the group life insurance program had a return of -14.1% for fiscal year 2022. Total value of the defined benefit portfolio was down slightly to $18.4 billion at June 30, 2022, as compared to $18.7 billion at June 30, 2021. ... Investments The assets of all the defined benefit retirement plans…

89 Investment Portfolio ... 89 Largest Holdings ... 97 ... Performance: Actual Returns vs. Benchmark Returns ... 98 ... Investments The assets of all the defined benefit retirement plans that the System administers are commingled for investment purposes. ... Target Asset Allocation Defined Benefit Retirement Plans Risk Diversifiers 7.5% ... 10. ... Natural Resources 5.0% ... Infrastructure 10.0% ... Real Estate 10.0% ... Alternative Credit 10.0% ... The System’s investment portfolio for the…

Program (Program ... Cheiron has completed the Actuarial Valuation Report for the Maine Public Employees Retirement System (MainePERS or System) Legislative Retirement Program (Program) as of June 30, 2025. The purpose of this report is to: ... and disclose, as of the ... , 2) Examine ... Program trends, 3) Assess and disclose actuarial risks of the ... , 4) Report on the contribution rates ... in this valuation for informational purposes (Note ... 025 were ... in ... budgeting process in July 2

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5,240,447 $ 5,388,901 $ ... ,18 ... 3,746,871 $ 8,929,642 $ 14.6% | ... | Real Estate | $ 2,818,536 $ 3,092,296 $ 2,122,469 $ 1,997,633 $ 4,120,102 5.6% | ... | Total | 15,766,014 $ 16,014,626 $ 12,895,449 $ 10,643,689 $ 23,539,138 $ 9.7% | ... | Real Estate Co-Investments | $ 72,243 6 $ 65,202 $ 22,715 $ 26,547 $ 49,261 -6.9% | ... MainePERS Private Market Investments Summary: ... 06/30

During FY 2023 the Employees’ Retirement System portfolio earned a 2.4% investment returns, with the fiduciary net position increasing to $22.4 billion as of June 30, 2023. As a long-term investor, the multi-year numbers, reflect continued progress in our plans to become fully funded with our ERS achieving investment returns in excess of the ERS 7% percent annualized long-term Policy Benchmark return target over the past 3 and 5 year periods, with annualized returns of 10.5% and 7.7%,…

1’ Real Assets Markets Performance and Overview TOWNSEND GROUP an Mn company ... As of 03/31/2022 ... Performance Summary Quarter (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%) TGRS TNET TGRS TNET TGRS TNET TGRS TNT TGRS TNET NFI-ODCE Value Weight 7.4 7.1 28.5 27.3 11.3 10.3 9.9 8.9 10.9 9.9 ... NCREIF Property Index “NPI” 5.3 21.9 9.6 8.5 9.6 ... NCREIF Farmland Property Index “NFl” 2.6 9.7 5.9 6.2 9.6 ... NCREIFTimberIand Property Index “NTI” 3.2 11.8 4.7 4.1 5.6 ... year return now stands .

, L.P. ² Buyout - Large 2005 4,428,600 4,830,994 - 10/13/2020 Charterhouse Capital Partners X, L.P. Buyout - Large 2009 1,332,564 1,201,504 - 4/ ... 26 12/31/2024 ChrysCapital VI, LLC Buyout - Mid 2021 65,516,337 37,629,856 46,556,031 12/31/2024 Cinven Fifth Fund, L.P. Buyout - Small 2012 6,000,000 7,255,250 4,340 12/31/2024 Cinven Fourth Fund Buyout - Large 2012 30,909,711 34,198,168 6,790,407 12/31/2024 Cinven Second Fund ² Buyout - Mega 2007 9,388,527 8,703,820 5,469 12/31/2024 Clearlake…

March 31, 2024 Quarterly Report ... Performance Analysis ▪ As of March 31, 2024, the investment multiple decreased from 1.47x to 1.46x and the investment IRR decreased from 13.2% to 12.8%, respectively, from the prior period ended December 31, 2023. ▪ During the quarter, the infrastructure portfolio decreased in value by $0.2 million, or -0.1%, primarily driven by 1: ▪ Project Aviator (-$4.0 million; -8.7%) ▪ AMP Capital Global Infrastructure Fund II A LP (-$0.7 million; -7.8%) ▪ Star…

March 31, 2025 Quarterly Report ... A summary ... 19 ... 5% of ... . ... Cumulative distributions from ... totaled $257.2 million, ... 4% of ... contributed to ... ments. ... Performance Analysis ▪ As of March 31, 2025, the investment multiple increased from 1.51x to 1 ... 52x and the investment IRR decreased from 12.9% to 12 ... 8%, respectively, from the prior period ended December 31, 2024. ▪ During the quarter, the infrastructure portfolio increased in value by $1.8 million, or +1

Quarterly Monitoring Report ... period ending June 30, 2024 ... 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, 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…

StepStone Atlantic Fund was formed by StepStone Group (“StepStone”) with San Diego City Employees’ Retirement System (“SDCERS” or the “System”) to construct an infrastructure Investment Program (“Program”), that includes primary fund commitments, co-investments, and secondary transactions with the goal of maximizing long-term, risk-adjusted returns. ... FY 2025 program update – infrastructure ... Relative to the plan of $20-40 million of target infrastructure commitments for FY 2025,…

Performance Analysis ▪ As of December 31, 2023, the investment multiple decreased from 1.56x to 1.54x and the investment IRR decreased from 15.4% to 14.8%, respectively, from the prior period ended September 30, 2023. ▪ During the quarter, the Private Equity portfolio decreased in value by $21.2 million, or -3.3%, primarily driven by 1: ▪ Project Bruins (-$24.5 million; -33.0%) ▪ Project Statue (-$3.9 million; -96.0%) ▪ Project Danube (-$2.8 million; -34.5%) ▪ The decrease in market value of…