Document library

Quarterly performance packet for CMERS Investment Committee meeting September 7, 2023. Real estate section shows full manager lineup: JP Morgan (2.50% target, $133.9M), Morgan Stanley (2.70% target, $150.1M), LaSalle (2.30% target, $114.6M), Prologis Non-Core (1.30% target), and new Harrison Street core fund placeholder (0.90%). Total Real Estate target 9.70%. Includes Principal Diversified Real Assets performance (13% target). Abbott Capital private equity sections also included.

NEPC quarterly investment performance report for VCERA covering Q4 2024 (period ending December 31, 2024), presented at the February 24, 2025 Disability & Business Meeting.

Fund presentation deck for Alterra IOS Venture III, L.P. (industrial outdoor storage real estate) presented to VCERA at the April 17, 2023 Disability & Business Meeting. VCERA approved a $35 million commitment.

Q3 2025 performance report in the November 6, 2025 Investment Committee packet. Real Assets target revised to 12% (from 9.7%+3.3%). Manager due diligence schedule includes meeting with Harrison Street in Q4 and Prologis TBD. Callan client list confirms Artemis Real Estate Partners, TA Realty, Maverick Real Estate Partners, Intercontinental Real Estate Corporation, PGIM, Heitman, and Blue Owl Capital as Callan consulting clients in the RE space. Real Estate ODCE Style 4.1% Q3, 3.3% 1-yr. Principal Diversified Real Assets Q3 performance included.

Q4 2024 performance report embedded in February 13, 2025 Investment Committee packet. Real Assets at $194.5M (3.08% actual). Total Real Estate at $181.4M (3.10% actual). Manager notes: Morgan Stanley promoted Ms. Durkay as global head of real estate (23 years experience, formerly Head of Global Listed Real Assets at Morgan Stanley). Principal Diversified Real Assets performance reviewed. Real estate underweight ODCE target.

Callan consultant report covering the CMERS Core/Core Plus Private Real Estate manager search. Documents search process, candidate profile, semi-finalist screening of 19 managers, and finalist comparison between Harrison Street Core Property Fund and Kayne Anderson KACORE. Includes comparative performance, fee analysis, and summary matrix. Search conducted September 2022–April 2023.

Q3 2024 performance report in the November 2024 Investment Committee packet. Manager news includes Harrison Street (active US fixed income and private real estate due diligence scheduled Q2/Q3) and LaSalle (deputy PM news noted). Real Assets at $172M (2.84% actual vs 9.7% target). Principal Diversified Real Assets 3Q2024 performance included. Real Estate Benchmark reflects ODCE.

Q4 2025 performance report. Prologis USLF manager news: VP Kosta Karmaniolas joins, replaces Jake Thibeault who moved to Prologis U.S. Agility Fund I. Karmaniolas will assume USLF fund manager role from Bobby Bransfield end-2026. Real Estate ODCE Style 1.2% Q4, 4.9% 1-yr, 3.8% 3-yr. Real Estate 1.9% Q4 (gross). Real Assets Benchmark per new 2026 targets. Total Fund up 3.9% Q4 2025.

NEPC quarterly investment performance report for VCERA covering Q1 2024 (period ending March 31, 2024), presented at the June 24, 2024 Disability & Business Meeting.

Updated Real Estate Investment Policy Statement reviewed May 7, 2026. Formalizes CMERS real estate strategy: 100% Core and Core-plus open-end funds benchmarked to NFI-ODCE; no new non-core investments; non-core legacy portfolio in wind-down. Target 12% (private real estate), range 9-15% (note: 6% minimum through March 31, 2027 for manager restructure). Single manager cap 35% of RE portfolio. Leverage target 25% portfolio-wide. Primary U.S. investments. Includes redline comparison to prior policy.

NEPC quarterly investment performance report for VCERA covering Q2 2024 (period ending June 30, 2024), presented at the September 9, 2024 Disability & Business Meeting.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $30 million commitment to PIMCO European Data Center Opportunity Fund at the May 19, 2025 Disability & Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q1 2023 (period ending March 31, 2023), presented at the May 22, 2023 Business Meeting. Includes real estate portfolio performance.

NEPC investment consultant memorandum recommending VCERA's $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q2 2023 (period ending June 30, 2023), presented at the September 25, 2023 Board Retreat & Business Meeting.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $35 million commitment to Alterra IOS Venture III at the April 17, 2023 Disability & Business Meeting.

Quarterly performance report in the June 6, 2024 Investment Committee packet. Covers Q1 2024 and real estate allocation showing Total Real Estate at $443M (7.8% actual vs 7.0% target). Real Assets at $474M (8.3% actual vs 9.7% target – underweight). Principal Diversified Real Assets 1Q performance included. Manager lineup: JP Morgan, Morgan Stanley, LaSalle, Prologis (non-core), Harrison Street (new).

NEPC investment consultant joint fund recommendation report for Sculptor Real Estate Fund V presented to VCERA at the September 30, 2024 Board Retreat & Business Meeting. Supported $100M commitment.

Quarterly performance report in the September 5, 2024 Investment Committee packet. Real estate underweight noted. Total Real Estate at $177.9M (3.02% actual vs 7.0% target). Real Assets at $194.7M (3.31% actual). Principal DRA performance included. Packet primarily covers private equity program review including Mesirow and Apogem commitment upsizes. Callan Public Fund Sponsor Database comparison included.

Callan quarterly Capital Market Review for Q3 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property institutional real estate performance in Q3 2023. Shows ODCE index performance, market trends, transaction volume, valuations, and redemption queues. Includes private real estate return data across multifamily, industrial, office, and retail sectors with 1-yr, 3-yr, 5-yr, 10-yr, 20-yr trailing returns.

Fund presentation deck for Bridge Debt Strategies Fund V (real estate debt) presented to VCERA at the September 25, 2023 Board Retreat & Business Meeting. VCERA approved a $20 million commitment.

NEPC investment consultant joint fund recommendation report for Bridge Debt Strategies Fund V presented to VCERA at the September 25, 2023 Board Retreat & Business Meeting.

Callan Capital Market Review Q3 2024 distributed to CMERS. Real Estate section shows ODCE 0.8% Q3 return, -3.5% 1-yr, 3.3% 5-yr. NCREIF Property 16.1% Q3 (note: different valuation methodology). Includes analysis of ODCE redemption queues at approximately 13% of NAV, transaction volume trends, cap rate stabilization, and multifamily/industrial recovery narrative.

NEPC quarterly investment performance report for VCERA covering the period ending December 31, 2022, presented at the February 27, 2023 meeting. Includes real estate portfolio performance.

Chief Investment Officer staff recommendation letter to VCERA Board recommending $75 million commitment to LaSalle Value Partners US IX at the March 27, 2023 Business Meeting.

NEPC quarterly investment performance report for VCERA covering Q2 2025 (period ending June 30, 2025), presented at the September 29, 2025 Board Retreat & Business Meeting.

Quarterly performance report in the February 8, 2024 Investment Committee packet. Covers Q4 2023 performance including real estate (NFI-ODCE benchmark, 9.7% target). Shows Total Real Estate at 3.07% actual vs 9.7% target as of year-end 2023. Principal Diversified Real Assets 4Q performance included. Callan Public Fund Sponsor database comparison. Also contains Loomis Sayles and MFS guideline amendments.

Callan quarterly Capital Market Review for Q4 2023 distributed to CMERS. Real Estate/Real Assets section covers NCREIF Property and NFI-ODCE 4Q23 performance. Driven by falling rates, ODCE returned negative in Q4. Shows private RE performance across 1-yr to 20-yr, ODCE redemption queues, cap rate trends, and transaction activity. Public REIT performance also included.

NIC staff recommendation memo for Kayne Anderson Real Estate Partners VII, prepared by JoLynn Winkler (Senior Portfolio Manager) for the June 13, 2024 board meeting.

Aon real estate performance and capital pacing review presented by Chae Hong, Partner at Aon, to the Nebraska Investment Council at the March 7, 2024 board meeting. Covers NIC real estate portfolio performance and pacing plan.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2024. Real estate composite returned 2.6% for 3Q24 (+2.8% vs benchmark). Portfolio at $8.29B / 22.0% of fund. Full manager-level attribution for core, core-plus, non-core, REIT managers.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 2025. Total real estate at $6.87B / 20.3% of fund. Covers core (Principal, UBS TPF, JPMCB SPF, TA Realty) and non-core (AEW, Heitman, Westbrook, Invesco VA, TA Associates) with full attribution.

August 2024 board book featuring formal Real Estate Asset Class Review (Tab 7) presented by Ethan Hurley and Rob Samson. Investment update (data as of June 30 2024) lists FY2024 new RE commitments: Oak Street Real Estate Capital Fund VI LP ($50M CAPP), AW-Fergus Ventures LLC ($75M CAPP/$50M TFIP), Westport-Stillwater Venture LLC ($75M CAPP). FY2025: Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Portfolio at $2.645B, -4.16% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of September 2025. Total real estate at $8.29B / 22.04% of fund. Full manager-level attribution covering core, core-plus, non-core and REIT managers.

December 2025 board book investment update (data as of September 30 2025) listing FY2026 real estate new commitment: Sweet Grass-Equus II LP ($100M CAPP/$50M TFIP). Real assets new commitment: CBRE Musselshell Infrastructure Investments LP 2nd tranche ($100M CAPP/$35M TFIP). Real estate at $1.147B in CAPP (6.00%), 2.04% 1-year vs 2.67% benchmark.