Document library

AEW Capital Management (Ron Pastore, Mark Morrison, Sara Cassidy) presents an update to DPFP Board on RED Consolidated Holdings (RCH) portfolio, covering asset dispositions and land sales driving distributions back to the pension. $48.4M in proceeds received earlier in 2024.

DPFP staff discusses Clarion's possible sale of CCH Lamar at March 2024 board meeting. AEW Portfolio Review deferred to April board meeting. RE Clarion CCH Lamar potential $2M commitment noted for capital improvements.

DPFP investment staff and Albourne present Private Credit Strategic Review and Pacing Plan at March 2025 board meeting. Includes real asset/real estate credit strategy analysis; RE credit target 20% (10-30% range) within private credit allocation. Continuation from February 2025 Albourne presentation.

Albourne presents Private Credit Pacing Plan continuation at May 2025 board meeting, with real asset/real estate credit at 20% allocation (10%-30% range). Possible new private credit commitments discussion ($15M approved in June 2025 includes RE credit component).

DPFP staff memo recommending $15M in new private credit manager commitments, approved by the Board. Program reflects pacing plan with Real Asset/Real Estate Credit at 20% target of the private credit allocation (10%-30% range). Marks DPFP's first new private markets commitments in several years.

DPFP staff presents Investment Policy Statement revisions at November 2024 board meeting establishing the new Private Markets Program Framework. Includes formal Albourne private markets consultant section, real estate 5% allocation target, and new pacing structure for future commitments. Foundational policy document for DPFP's RE reallocation strategy.

NEPC's full quarterly performance report covering the period ending September 30, 2024. Includes FCERA's total real estate allocation of $512.9M (7.4% of portfolio). Core open-end holdings: Invesco Core Real Estate (~$56.9M) and Harrison Street Core Property Fund ($153.2M). Closed-end portfolio (1-quarter lagged as of June 30, 2024): Ares US RE Fund X (v.2021, $30M committed), Ares US RE Opportunities Fund III (v.2019, $30M), Gerding Edlen Green Cities III (v.2016, $40M), Invesco RE US Fund VI (v.2022, $75M), Invesco US Value-Add Fund V (v.2019, $50M), Kennedy Wilson RE Fund V (v.2016), Kennedy Wilson RE Fund VI (v.2022), Oaktree RE Opp Fund VIII (v.2019, $20M), PCCP Equity IX (v.2020, $30M). Total closed-end commitment: $400M. RE policy target 8.0% (range 0–21%). Total fund AUM ~$6.9B.

AEW Capital Management (Mark Morrison, Sarah Cassidy) updates the DPFP Board on its separate-account management of RED Consolidated Holdings (RCH), a 50/50 JV with RED Development (Phoenix-based retail/mixed-use operating company), and on the wind-down of Camel Square (exited Q1 2025). AEW has managed since February 2015. Real estate NAV ~$152M at the time of the meeting.

AEW Capital Management (Ron Pastore) presents annual portfolio update to DPFP Board on RCH and Camel Square (Phoenix). AEW took over management from CDK in February 2015; RCH holds operating retail/mixed-use properties primarily in Southwest US.

Callan quarterly executive summary for Cook County Fund through September 30, 2023. Fund market value $12.0 billion. Private real estate allocation with commentary on NCREIF index decline and REIT performance. Reviews alternatives including hedge funds and private equity.

DPFP investment staff portfolio update at May 2024 board meeting. Notes $8.0M distributions YTD, $69M received in 2023 (majority from AEW Camel Square/JPM). Investment initiatives include AEW Portfolio Review, Private Market Planning (IPS updates, pacing studies), and initial new private market investments. Real assets ~$279M on balance sheet.

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Macquarie Infrastructure Partners VI (MIP VI). Closed-end fund seeking equity investments in infrastructure and infrastructure-related assets predominantly in U.S. and Canada. Targeted sectors: transportation, waste management, digital, utilities/energy, social infrastructure. Firm AUM $611.7B (subsidiary of Macquarie Group, ASX: MQG). Product AUM $26.2B. Fund inception 2006. Approved for 1-2 allocations.

Meketa Investment Group Q4 2024 Investment Performance Analysis and Third Quarter 2024 Private Markets Review for DPFP, presented January 2025 board meeting. References AEW Capital Management Update at December 2024 meeting and ongoing RE liquidation progress.

IPERS RFP I-2023-1 Real Assets Equity hiring recommendation for Morgan Stanley Investment Management North Haven Infrastructure Partners IV (NHIP IV). Invests in private infrastructure assets in OECD countries targeting off-market opportunities including carve-outs, privatizations, undermanaged assets, platform assets. Firm AUM $1.5T (NYSE: MS). Product AUM $17B. Fund inception 2008. Approved for 2-3 bench managers.

Callan quarterly executive summary through September 30, 2024. Fund at $13.9 billion. Manager-level RE detail: Artemis Income & Growth Fund, LaSalle Income & Growth Fund VIII, PGIM PRISA Real Estate Fund (~$254M). Alert on PGIM Private Alternatives CEO departure. J.P. Morgan Strategic Property Fund redemption request confirmed (~$233M). Private real estate returned 0.65% for quarter.

AEW Capital Management (Ron Pastore) presents to DPFP Board covering RCH (only remaining CDK-era investment, $49.3M distributions since 2022 from land sales) and Camel Square (15.5-acre Phoenix site, ~$69M total distributions to DPFP since 2019, nearly fully wound down). Last AEW presentation was November 2023.

DPFP investment staff portfolio update at January 2023 board meeting. Real estate = 13.1% of total assets ($239M, target 5%), planning March Clarion and April AEW presentations. AEW received $12.5M from portfolio company sales, Clarion distributions $668K. Legacy RE portfolio being liquidated.

Callan quarterly executive summary through December 31, 2024. Fund at $13.5 billion. Private real estate returned 0.65% for quarter, -3.11% over trailing year. Artemis Income & Growth Fund listed as active manager. Year-end RE portfolio review including core open-end and non-core closed-end exposures.

DPFP investment staff presents comparison of Meketa vs. Albourne for private markets specialty consulting services (2022 Private Markets Review context). Board evaluates candidates, ultimately selecting Albourne as private markets consultant (contract began July 2024). Real Estate at $159M current vs. $97M target; pacing plan for 3-4 new commitments/year contemplated.

Monthly transaction report disclosing: NY affordable housing mortgage at 1770/1774/1786 Main St and 1040 Lafayette Ave Buffalo NY ($3.2M, 17-unit mixed-use renovation with Community Preservation Corp).

Monthly transaction report disclosing: Brookfield Strategic Real Estate Partners V Co-Invest (N) ($125M, co-investment fund alongside BSREP V, Brookfield Asset Management).

Callan quarterly performance measurement report through 4Q2023. Includes real assets performance section covering private real estate (NFI-ODCE), farmland, timberland, infrastructure vs. benchmarks and peer funds.

Monthly transaction report disclosing: Simone Little Italy via BlackRock Separate Account ($283M, 395-unit 36-story hi-rise San Diego CA); The Royce via MetLife Separate Account ($247.5M, 520-unit multifamily Irvine CA); IPI Partners III ($400M, data center fund, new relationship); IPI Partners III Co-Investment ($100M sidecar).

Callan quarterly performance measurement through 3Q2024. Includes real assets performance section. Meeting summary notes real estate showing signs of stabilization; FY2024 reporting errors were addressed in this meeting.

Monthly transaction report disclosing: City Logistics via Clarion Separate Account ($85.5M, 300,726 sf industrial warehouse park Baltimore MD).

Monthly transaction report disclosing: Bridge Logistics Properties Develop-to-Core Fund ($600M, develop-to-core industrial portfolio in selected US markets); Santal Thousand Oaks via BlackRock Separate Account ($83M, 142-unit Class A multifamily Thousand Oaks CA); Alexan Memorial via MetLife Separate Account ($97.5M, 356-unit Class A multifamily Houston TX). NY affordable housing mortgages in Buffalo.

Callan quarterly performance measurement report through 4Q2025. Includes real assets performance section covering private real estate recovery, farmland, timberland, infrastructure, and REIT performance.

Callan quarterly performance measurement through 3Q2023. Includes real assets performance section. Note: December 2023 board meeting focused on private equity and fixed income; real assets section is within the performance book.

Monthly transaction report disclosing: Principal Data Center Growth & Income Fund ($300M, closed-end fully pre-specified data center fund); Carlyle Realty Partners X ($400M, opportunistic closed-end fund continuation of series); Alta Oxbow via BlackRock Separate Account ($98.4M, 218-unit Class A apartment Wayland MA).

Callan review of private credit market and benchmarking alternatives for ARMB. Includes real estate debt context. Presented at June 2025 meeting alongside private credit manager search results (Sixth Street TAO, Kennedy Lewis, Comvest). Includes real asset debt categorization discussion.

Monthly transaction report disclosing: GID Mainstay In-Kind Fund ($300M, Class B multifamily US, GID Multifamily Investment Management); Asana Partners Fund IV ($200M, value-add neighborhood retail/mixed-use in urban US); Blue Owl Real Estate Fund VII ($300M, closed-end net-leased RE backed by investment-grade tenants); Blue Owl RE Co-Invest (N) ($100M sidecar); multiple NY affordable housing mortgages in Geneva, Camillus, Albany.

Monthly transaction report disclosing: Oaktree Real Estate Opportunities Fund IX ($200M, broad-based opportunistic); BentallGreenOak Asia (USD) IV ($300M, closed-end pan-Asian fund); Manor in Plantation via Clarion Separate Account (197-unit apartment Fort Lauderdale FL); Cubes at Glendale-Building B via BlackRock Separate Account ($128.1M, 1.2M sf industrial Glendale AZ); KKR REPA IV Co-Investment ($150M sidecar). Infrastructure: Hull Street Energy Partners III ($250M).

Monthly transaction report disclosing: Star Lake Opportunity Fund V ($300M, JPMorgan Asset Management, residential and industrial assets in primary/secondary markets); affordable housing mortgage at 25 Delaware Ave Albany NY ($1.9M).

Monthly transaction report disclosing: The Colburn via Heitman Separate Account ($120.5M, 300-unit multifamily Orlando FL); Brookfield Strategic Real Estate Partners V-B ($375M, global opportunistic focused on high-quality RE assets, existing relationship). Real assets: Sustainable Asset Fund IV by Vision Ridge Partners ($150M).

Callan quarterly performance measurement through 3Q2025. Includes real assets performance section. December 2025 meeting primarily focused on private equity; performance book covers all asset classes including real assets.

Callan quarterly performance measurement report through 2Q2025. Includes total fund, real assets and real estate performance attribution sections. Notes private real estate signs of recovery and strong REIT performance.

Callan quarterly performance measurement through 1Q2026. Appendix packet includes real assets and private real estate performance data. Notes private core real estate exposures have shifted and real estate market conditions in 1Q2026.

Callan quarterly performance measurement report through 4Q2024. Includes real assets performance section covering the full real assets portfolio including real estate, farmland, timber, infrastructure. Notes improving real estate conditions.

ASRS staff memorandum within the February 26, 2026 Board meeting packet recommending Board ratification of an IC-approved RE manager recommendation involving Mill Creek Residential as SMA manager. Part of the consent agenda. Mill Creek ($2.26B+ in ASRS portfolio) focuses on multifamily development and value-add across national markets.

RVK combined 2026 pacing study covering private equity, non-core real estate, and private credit for VPIC. Non-core RE section recommends $100M/year for 2026-2030 (up from $70M) to reach 4% target from 2.4% current allocation. Portfolio shows Siguler Guff DREOF II, Blue Vista RE Partners V, Brookfield SREP III, Hammes Fund IV, AG Realty XI, Harrison Street X as active holdings.

ASRS staff real estate asset class section within the May 22, 2025 Board meeting packet (465 pages). RE at 17.45% of total fund as of December 31, 2024. Reports -5.93% 1-year TWR vs benchmark 0.00% (absolute). Notes RE is expected to reach 17% SAAP target by mid-2025. Includes RE manager recommendations approved by IC.

Monthly transaction report disclosing: Seattle Gateway I & II via LaSalle Separate Account ($88.1M, two-building Class A industrial 458,707 sf Seattle WA); Artemis Real Estate Partners Healthcare Fund III ($300M, healthcare-related real estate, existing relationship). NY affordable housing mortgage Buffalo NY ($23.4M).

Monthly transaction report disclosing: RFM-NYSCRF Affordable Housing Fund ($400M, domestic affordable housing fund-of-one by Related Fund Management, new relationship); Riverbank Apartments via JP Morgan Separate Account ($243.5M, 418-unit 44-story Manhattan West Side); Big Sky MOB via Heitman Separate Account ($49M, five-building medical office portfolio in 5 US markets).