Document library

Callan Capital Market Review Q4 2025. 'Real assets delivered.' Real Estate 1.2% Q4, 4.9% 1-yr, 3.8% 5-yr. NCREIF Property Q4 data. Real assets broadly positive Q4 2025. ODCE redemption queues analysis. Private RE market narrative with transaction volume and cap rate data. Public REIT vs private RE comparison. Includes 2026 capital market projections context.

First Look presentation by RESSCO, a real estate investment firm, to the CTPF Investment Committee First Friday meeting on June 2, 2023.

First Look presentation by TerraCotta Group, a MWDBE real estate credit manager, to the CTPF Investment Committee on June 7, 2024 as part of the RE debt search.

CTPF staff executive summary memo for the MWDBE real estate credit/debt manager search, covering search rationale and finalist overview, presented June 7, 2024.

First Look presentation by Belay Investment Group on Belay Ventures Fund IV, a MWDBE value-add real estate fund (Los Angeles CA), to CTPF on March 4, 2025.

Callan quarterly Real Assets portfolio report for Q3 2025 covering CTPF real estate and infrastructure manager performance, presented as appendix at the May 7, 2026 Investment Committee meeting.

Clarion Partners annual update presentation of the Lion Properties Fund (core open-end, 42-year history, Franklin Templeton subsidiary) to ICERS at the September 18, 2024 board meeting. Covers firm overview, fund strategy, portfolio, and performance. Presenters: Reza Basharzad, Jessica Betts, and Chris Perino.

Verus Investments Q2 2024 (period ending June 30, 2024) investment performance review for ICERS, presented at September 18, 2024 meeting. Includes investment landscape, portfolio performance, Audax Direct Lending Solutions Fund I recommendation, and active management environment analysis. Real estate allocation shown at 8.5% vs 10% policy target.

First Look presentation by Newport Capital Partners, a MWDBE real estate credit manager, to the CTPF Investment Committee on April 5, 2024.

Verus Investments Q4 2025 (period ending December 31, 2025) investment performance review for ICERS. Includes investment landscape, portfolio performance, 2026 capital market assumptions and asset allocation analysis, and investment manager fee analysis.

Clarion Partners presentation of the Lion Properties Fund (core open-end) to ICERS board at the September 20, 2023 meeting. Covers firm overview, fund strategy, portfolio composition, and performance. Fund had ~$79.8B AUM at time of presentation.

First Look presentation by Preservation of Affordable Housing (POAH), a MWDBE affordable housing developer and manager, to the CTPF Investment Committee on June 2, 2023.

Staff recommendation memo for Long Wharf Real Estate Partners VII, a value-add closed-end real estate fund, presented to the CTPF Investment Committee on August 22, 2023.

CTPF staff recommendation memo for Newport Capital Partners Fund IV, a MWDBE real estate credit fund, presented at the May 6, 2025 Investment Committee First Look meeting.

Verus Investments Q1 2024 (period ending March 31, 2024) investment performance review for ICERS. Presented at the May 15, 2024 board meeting. Covers investment landscape, portfolio performance including real estate allocation, and 2024 strategic asset allocation analysis.

Verus Investments memo to ICERS board recommending approval of HarbourVest IX-Buyout Fund, IX-Credit Opportunities Fund, and IX-Venture Fund term extensions at reduced management fees. Presented at November 20, 2024 meeting. Cites broader private equity market slowdown since 2022 rate environment.

April 16, 2026 Investment Committee packet. Primarily fixed income manager presentations (PPM America). Callan 2026 capital market assumptions context for real estate with Core Real Estate target 8.7%. Real estate allocation per revised structure: Core 8.7%, Non-Core 0%, Public DRA 0%. Tariff and trade policy economic context from JP Morgan. Manager due diligence report included.

Verus Investments Q4 2022 (period ending December 31, 2022) investment performance review for ICERS. Presented at the February 15, 2023 board meeting. Includes IRR vs TWR methodology discussion and discussion of real estate sector performance in the context of rising interest rates.

Callan Real Assets Performance Commentary for Q1 2025, providing market and manager commentary for CTPF's real estate and infrastructure portfolio, presented November 4, 2025.

Board Action Request for approval of Long Wharf Real Estate Partners VII commitment, presented at the CTPF Investment Committee on August 22, 2023.

TA Realty investment committee presentation for Value-Add Fund XIV to CTPF on September 11, 2025, covering fund strategy, portfolio construction, and terms.

Staff recommendation memo for TA Realty Value-Add Fund XIV, a value-add diversified real estate fund, presented to the CTPF Investment Committee on September 11, 2025.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $20 million commitment to Bridge Debt Strategies Fund V at the September 25, 2023 Board Retreat & Business Meeting.

Q2 2025 performance report. Key manager news: Harrison Street – Colliers International rebranded its investment division as Harrison Street Asset Management (HSAM) in July 2025, Christopher Merrill becomes Global CEO; no change to Core Property Fund team. LaSalle – Deputy PM Alfreda Delle taking leave, Patrick Pelling named new PM for LaSalle Property Fund (LPF). Full RE portfolio: JP Morgan (2.24% target, $90M), Morgan Stanley (2.42%, $147M), LaSalle (2.06%, $109M), Prologis USLF (non-core, 1.17%), Harrison Street Core Property Fund (0.81%, $82.5M). Real Estate at 8.7% target.

Quarterly performance report in the April 18, 2024 Investment Committee packet. Covers Q1 2024 performance including Real Assets (9.7% target, 10.8% actual). Principal Diversified Real Assets manager review included. Real Estate underweight real assets noted. Callan Public Fund Sponsor Database comparison.

NEPC quarterly investment performance report for VCERA covering Q3 2023 (period ending September 30, 2023), presented at the November 20, 2023 Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q3 2024 (period ending September 30, 2024), presented at the December 16, 2024 Disability & Business Meeting.

Updated Statement of Investment Policy for December 4, 2025 Investment Committee approval. Revises asset class targets including Private Real Estate target 3.3%, range 9-15%. Effective July 1, 2025 benchmark inception for performance reporting. December 2025 update addresses manager restructure. Real estate policy section references goal to transition to 4-5 commingled open-end fund managers. Non-core is in wind-down. Includes red-line comparison to prior policy.

Callan Capital Market Review Q1 2024 distributed to CMERS. Both NCREIF and ODCE dropped in Q1 2024. Real Estate/Real Assets section covers private and public real estate performance, ODCE redemption queue trends, transaction activity, and capital market conditions. Includes ODCE style returns vs NCREIF Property.

NEPC investment consultant joint fund recommendation report for PIMCO European Data Center Opportunity Fund at the May 19, 2025 Disability & Business Meeting.

Staff memo and red-lined Statement of Investment Policy update for December 2023 Investment Committee. Policy confirms Private Real Estate target 9.7% / range 10-16%, and Public Diversified Real Assets target 13%. Also contains updated Callan 2024 Capital Market Assumptions showing Core Real Estate 6% 10-yr return projection. Delegates authority for ministerial Private Real Estate contract amendments to staff under MCO 36-09-1(d5).

NEPC quarterly investment performance report for VCERA covering Q1 2025 (period ending March 31, 2025), presented at the May 19, 2025 Disability & Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q3 2025 (period ending September 30, 2025), presented at the December 15, 2025 Disability & Business Meeting.

Fund presentation deck for PIMCO European Data Center Opportunity Fund presented to VCERA at the May 19, 2025 Disability & Business Meeting. VCERA approved a $30 million commitment.

NEPC quarterly investment performance report for VCERA covering Q1 2026 (period ending March 31, 2026), presented at the May 18, 2026 Board of Retirement Meeting by Daniel Hennessy and Rose Dean.

Final phase of CMERS 2023 Asset-Liability Study presented June 8 2023. Covers Callan 2023-2032 Capital Market Assumptions including Core Real Estate 5.75% 10-yr return projection. Analyzes six alternative asset mixes with private real estate targets ranging 10-14%. Recommends increasing Private Real Estate target from 9.7% to 12%+ and reducing absolute return allocation. Board ultimately adopted new allocation with Private Real Estate at 9.7% target.

Fund presentation deck for LaSalle Value Partners US IX, L.P. presented to VCERA at the March 27, 2023 Business Meeting. VCERA approved a $75 million commitment.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $100 million commitment to Sculptor Real Estate Fund V at the September 30, 2024 Board Retreat & Business Meeting.

Phase III final results of CMERS 2025 Asset-Liability Study presented March 13, 2025. Recommends new asset allocation targets including Private Real Estate 10% / 9% / 8% trajectory. Callan Capital Market Assumptions include ODCE 6.25% 10-yr return. Shows ODCE redemption queue declining. Real Estate ODCE Style -2.2% 1-year vs NCREIF Property +0.4%. Historical CMERS real estate stress test scenarios across multiple market cycles analyzed.

NEPC quarterly investment performance report for VCERA covering Q4 2023 (period ending December 31, 2023), presented at the February 26, 2024 Disability & Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q4 2025 (period ending December 31, 2025), presented at the February 23, 2026 Board of Retirement Meeting.

NEPC investment consultant joint fund recommendation report for Alterra IOS Venture III presented to VCERA at the April 17, 2023 Disability & Business Meeting.

Callan Capital Market Review Q2 2024 distributed to CMERS. ODCE redemption queues declining. Real Estate/Real Assets section includes ODCE performance, transaction volume trends (lower vs 2022), recovering confidence in multifamily and industrial. Private and public real estate performance tables with 1-yr to 20-yr returns. REIT performance included.