Document library

OCERS staff Asset Class Review for Real Estate presented at Mar 7 2025 IC. Reviews market conditions, portfolio strategy, and asset allocation positioning for the real estate allocation.

April 2025 board book featuring RVK Annual Capital Market Assumptions presentation. Investment update (data as of March 31 2025) adds FY2025 real estate new commitment: CPF – Rosebud Ventures LLC ($50M CAPP/$35M TFIP). Real estate at $1.892B pension, 0.87% 1-year. Includes updated 2025 capital market assumptions for core real estate (5.52% expected return).

April 2026 board book featuring RVK Annual Capital Market Assumptions (Tab 4) and Domestic Equity Asset Class Review (Tab 3). Investment update shows real estate at $1.157B in CAPP (6.15%) with 2.73% 1-year return. No new real estate commitments for the quarter. Core real estate expected return revised up in 2026 CMAs.

August 2025 board book investment update (data as of June 30 2025) listing FY2025 real estate commitments including new addition: Blue Owl Real Estate Capital Fund VII LP ($50M CAPP/$50M TFIP). Also shows Non-Core Fixed Income Asset Class Review (Tab 6) and Real Assets Asset Class Review (Tab 6 – Real Assets). Real estate portfolio at $966M in CAPP, +1.47% 1-year pension.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of March 31, 2026. Total real estate at $7.98B (21.4% of fund). Covers core (TA Realty Core Property, Invesco US Income Fund), core-plus, and non-core managers with full attribution and benchmark comparison. Includes capital market assumptions.

Formal Real Assets Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the June 4-5 2025 board meeting (data as of March 31 2025). Covers CAPP (3-9%), TFIP (0-6%), MSF (0-6%) allocation constraints, composition (TIPS 2.7%, commodities, infrastructure, international 9.7%), real assets deal flow, commitment pacing, investment process, and current strategy. New commitment: Ecosystem Investment Partners Fund V LP ($50M CAPP). Real assets at $1.084B pension (6.25% CAPP), 1-year +6.64% pension.

October 2024 board book covers Private Investments Asset Class Review (Tab 4-5), First Reading on Asset Allocation Range Recommendation, and CEM cost benchmarking. No new real estate commitments listed for the period. Real estate at approximately $1.725B in CAPP.

NIC staff recommendation memo for Oaktree Real Estate Opportunities Capital Fund IX, presented at the June 8, 2023 board meeting alongside Aon consultant memo and GP presentation.

April 2024 board book featuring RVK's Annual Capital Market Assumptions presentation (Tab 3) and RVK investment update. Includes 2024 capital market assumption revisions for core real estate (5.02% expected return), global REITs (5.76%), and all major asset classes. Domestic Equity Asset Class Review also presented.

Formal Real Estate Asset Class Review (Tab 6) presented by Ethan Hurley CAIA and Rob Samson CFA/CAIA at the May 20 2026 board meeting. Covers CAPP allocation 7-15% (currently 7.14%), investment constraints, deal flow 2021-March 2026, commitment pacing, types of managers (DRA Advisors as allocator example, Walton Street as debt example), current strategy (continued focus on RE debt growth, vertically integrated operators, reducing open-end core). Investment update (data as of March 31 2026) shows FY2026 commitments: Sterling United Properties Fund I, Sweet Grass-Equus II, Walton Street (2nd). RE at $2.999B total portfolio, 3.33% 1-year pension.

NIC staff recommendation memo for Carlyle Realty Partners X, prepared by JoLynn Winkler (Senior Portfolio Manager) for the June 13, 2024 board meeting.

February 2025 board book featuring Core Fixed Income Asset Class Review. Investment update (data as of December 31 2024) shows FY2025 real estate commitments: Walton Street Real Estate Debt Core Fund LP and NewCold Fund III LP. Real estate at $1.089B in CAPP (6.21%), 1-year performance -2.42%. Walton Street shown in separate accounts at $213M total.

OCERS annual real estate investment plan for 2024, approved at Mar 20 2024 IC. Presented by Rob Kochis, Felix Fels, Haya Daawi (Townsend) and Stina Walander-Sarkin (OCERS). Includes commitment targets: no new core additions plus $150-$225M non-core (2-4 investments at $50-75M each).

NewCold Fund III LP approved as new $50M CAPP real estate commitment disclosed in the November 2024 board book (data as of September 30 2024). NewCold is a global cold storage/temperature-controlled logistics real estate operator. Fund invests in institutional-grade cold chain warehouse facilities.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of June 2024. Real estate returned -0.4% during 2Q, -8.4% fiscal year. Includes capital market assumptions update and asset allocation review with real estate at target 10% policy weight.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2024. Covers all core, core-plus, and non-core managers. Total real estate approximately 20% of fund. Private RE market trends analysis including redemption queues and dry powder data.

Formal Real Assets Asset Class Review presentation by Ethan Hurley CAIA and Rob Samson at the May 24-25 2023 board meeting. Covers real assets role and allocation constraints, ownership breakdown, portfolio composition (55% commodities, infrastructure, timber), returns sources, benefits and risks, deal flow 2018-YTD 2023, pacing, current strategy, and exploration of new real assets sub-strategies.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of November 2024. Real estate returned -0.2% for the month (-0.4% vs benchmark), 2.4% fiscal YTD (+1.3% vs benchmark). Portfolio at $8.43B / 22.2% of fund.

Staff recommendation memo to Investment Committee recommending $75M each to Blue Owl Real Estate Fund VII (net-lease value-add) and Crow Holdings Realty Partners Fund XI (diversified value-add). Includes pacing analysis, fund comparisons, and fee negotiation details.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of December 2024. Total real estate at $8.30B / 22.04% of fund. Includes full manager-level attribution for all real estate managers and private real estate market outlook.

May 2024 board book investment update (data as of March 31 2024) showing FY2024 new real estate commitments: Oak Street Real Estate Capital Fund VI LP. FY2025 new commitments Walton Street Real Estate Debt Core Fund LP ($100M CAPP/$50M TFIP). Real estate portfolio at $2.528B total with -5.15% 1-year pension return vs -12.73% benchmark. Allocation 40.82% Core/Core-Plus, 35.40% Non-Core, 17.38% debt.

October 2023 board book. Features Private Investments Asset Class Review (Tab 5) and First Reading on Asset Allocation Range Recommendation. Investment update covers real estate at $1.708B (12.02% CAPP) with -3.91% 1-year return. No new real estate commitments listed for that quarter.

August 2023 board book investment update (data as of June 30 2023) listing cumulative FY2022-2023 real estate commitments including new addition Oak Street Real Estate Capital Fund VI LP ($50M CAPP). All FY2023 commitments totaled approximately $600M+ in CAPP. Real estate at $1.697B (12.02% CAPP), -1.96% 1-year.

RVK quarterly performance report as of December 31 2023 in the February 2024 board book. Real estate returned -5.76% vs -12.88% benchmark for the year. Includes full CAPP/TFIP/STIP performance, macro attribution, and peer comparisons across all asset classes.

October 2025 board book covers Private Investments Asset Class Review (Tab 4) and First Reading on Asset Allocation Range Recommendation. Investment update (data as of September 30 2025) shows real estate at approximately $1.7B total with no new real estate commitments for the quarter. New Private Investments pacing discussion.

Callan quarterly performance review for Mississippi PERS real estate portfolio as of May 2025. Total real estate at $7.49B / 21.4% of fund. Covers Principal Capital, TA Realty Core Property, UBS Trumbull, JPMCB SPF in core; AEW Partners, Heitman VP, Westbrook RE Funds, Invesco VA Funds in non-core.

Callan quarterly executive summary for Cook County Fund through June 30, 2023. Private real estate returned -2.93% for the quarter. Notes active management in private real estate added value over longer periods. Covers full portfolio performance attribution.

Callan quarterly executive summary through June 30, 2025. Fund at $14.2 billion. Full RE manager-level portfolio: Artemis Income & Growth Fund ($44.7M), Artemis Income & Growth Fund II ($4.4M), Artemis RE Fund IV ($11.3M), Basis Real Estate Fund II ($19.5M), Brasa RE Fund III ($2.2M), Clarion Lion Industrial Trust ($174.8M), LaSalle Income & Growth Funds VI ($3.4M) and VIII ($18.6M). Alert on J.P. Morgan Strategic Property Fund fee credit extension (~$209M).

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Stonepeak Infrastructure Fund Series. North America fund series: high-quality, defensive critical infrastructure primarily in North America; core-plus with occasional build-to-core assets across transportation, energy transition and communications. SOF series: middle market infrastructure (digital, transport/logistics, energy transition, social). OECD countries, primary focus North America and Europe. Firm AUM $65.1B as of 12/31/23. Product AUM $34.7B. Fund inception 2012. Approved as bench manager.

PERSI CIO Richelle Sugiyama memo introducing the 2023 annual review of the real estate program. Presenters: Callan (Sally Haskins, Jonathan Gould), AEW (Michael Byrne, Patrick McLaughlin), and D.B. Fitzpatrick (Brandon Fitzpatrick, Casey Macomb). Reviews AEW separate account, PGIM PRISA core fund, Adelante REIT, and Idaho Commercial Mortgage Program (CMP).

Callan quarterly executive summary for Cook County Fund through December 31, 2023. Fund market value $12.8 billion. Private real estate section notes NCREIF Property Index fell 4.1% and NCREIF ODCE dropped 4.8% in 4Q23 due to appreciation losses. REITs surged +16.2%.

DPFP investment staff portfolio update at August 2025 board meeting referencing $48.4M of distributions received from AEW; reports on Private Markets Sub-Committee establishment, Private Credit Pacing Plan development and Private Equity Pacing Plan in progress.

AEW Capital Management (Ron Pastore) presents to DPFP Board on RCH (RED Consolidated Holdings) and Camel Square at May 2023 board meeting. $40M in distributions YTD from AEW portfolio. Annual presentation on status and liquidation plans.

DPFP investment staff portfolio update at July 2025 board meeting noting $48.4M of proceeds received from AEW during earlier 2025, ongoing liquidation of legacy real estate and private markets assets, and updates on Private Markets Sub-Committee setup and new pacing plans.

Albourne Q4 2025 Private Markets Review for DPFP, presented at May 2026 board meeting. Full-year 2025 real estate review; AEW Camel Square exited Q2 2025. Private equity and private credit pacing plans noted with 4-6 new private markets commitments anticipated.

Callan quarterly executive summary for Cook County Fund through March 31, 2024. Fund market value $13.2 billion. Real estate was the weakest S&P 500 sector at -1.1%. Private real estate allocation and REIT performance reviewed against benchmarks.

AEW Capital Management (Ron Pastore, Mark Morrison) updates DPFP Board on RED Consolidated Holdings (RCH) portfolio management and plans. Real Estate at ~13.1% of total portfolio ($241M NAV vs. 5% IPS target), with liquidation a priority.

Callan quarterly executive summary through June 30, 2024. Fund at $13.3 billion. Features manager alerts for J.P. Morgan Strategic Property Fund (redemption request filed, ~$240M invested due to personnel changes) and LaSalle Investment Management Income & Growth Funds VI & VIII (~$26M). Non-core RE emerging manager RFP results discussed.

Callan quarterly executive summary for Cook County Fund through March 31, 2023. Covers asset allocation, total fund and asset-class-level performance including private real estate (NCREIF NFI-ODCE benchmarked), REITs, and review of alternative investment managers.

Clarion Partners (Bohdy Hedgcock, Kevin McCabe) updates DPFP Board on CCH Lamar, an investment in the Cedars neighborhood of Dallas. Clarion engaged October 2015 to manage DPFP's interest. Possible sale discussions ongoing.

IPERS revised Private Markets Investment Policy Statement presented for review at September 2023 meeting by Bill Bemis and Kris Rowley (Board subcommittee). Effective October 1, 2023. Covers private equity, private credit, and private real assets portfolios. For real estate: core RE minimum 80% of RE portfolio; non-core max 20%. RE leverage limits: 40% portfolio, 50% property (core), 60% property (non-core). No single RE investment >0.5% total fund value; no >20% interest in any commingled fund. Return objective: exceed NCREIF ODCE, net of fees, over rolling 10-year periods. Includes investment descriptions for permitted real estate types including core, non-core, and market-driven opportunities.

Callan quarterly executive summary through September 30, 2025. Fund at $14.7 billion. Full RE portfolio table: Prudential PRISA Real Estate ($254.5M), Artemis Income & Growth Fund ($45.1M), Artemis Income & Growth Fund II ($12.5M), Artemis RE Fund IV ($11.1M), Basis Real Estate Fund II ($19.9M), Brasa RE Fund III ($4.3M), Clarion Lion Industrial Trust ($175.1M), LaSalle Income & Growth Fund VI ($3.4M), LaSalle Income & Growth Fund VIII ($18.1M), Mesirow RE Value III LP ($32.7M), Mesirow RE Value IV LP ($31.7M), Mesirow RE Value V LP ($18.5M).