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ASRS staff memoranda seeking IC approval of RE manager recommendations at the October 1, 2025 IC meeting. The October 2025 meeting agenda includes the 2025 RE Implementation Plan approval action item, with committee meetings having approved prior manager recommendations and implementation plans in the preceding period.

TPG Angelo Gordon full GP presentation to VPIC for Realty Value Fund XII, the firm's value-add real estate flagship (12th in series, AUM ~$99B total / ~$20B real estate). Strategy targets middle-market US real estate under $150M cap with ~100 local operating partners, focusing 60% on residential/industrial and ~25-30% alternatives (self-storage, student, senior, MOB). Committed $50M approved at March 2026 meeting.

RVK tear sheet for TPG AG Realty Value Fund XII, value-add real estate strategy. $3B/$4B target fund size. TPG Angelo Gordon ($99B AUM, ~20% in real estate) targeting middle-market US assets under $150M total cap across residential, industrial, and alternatives. 12-14% net IRR target. First close March 2026.

Monthly transaction report disclosing: Apex Commerce Center via LaSalle Separate Account ($43.6M, 233,818 sf industrial Raleigh NC); Exchange Circle via JP Morgan Separate Account ($70.3M, 316,000 sf industrial buildings Dallas TX). Real assets: Oaktree Power Opportunities Fund VII ($250M).

Monthly transaction report disclosing: WCP NewCold III ($400M, global cold-storage fund, Westport Capital Partners, new relationship); Fairfield US Multifamily Value-Add Fund IV ($250M, fourth in series, closed-end value-add); Fairfield VAIV Co-Investment ($150M sidecar); Tamarron Homes via JP Morgan Separate Account ($49.6M, 164-unit SFR Katy TX); The Aster via Clarion Separate Account (207-unit hi-rise Dallas TX).

ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 25, 2024 IC meeting. Active SMA managers as of Q1 2024: Mill Creek Residential ($2.26B), Related Fund Management ($1.26B + $2.20B), Westcore Industrial ($0.55B), Blackstone RE ($0.40B), Intermediate Capital Group ($710M RE debt). RCLCO co-recommends.

Monthly transaction report disclosing: NY affordable housing mortgage at 3/6/15/18 Crescent Way Trumansburg NY ($2.1M, 46-unit renovation with Community Preservation Corp). No major fund closings in real estate.

Staff FY2025 Real Assets Annual Investment Plan. Presented by SIOs Stephen Sikes and Robyn Mesdag. Includes real estate debt search results (Walton Street and Heitman selected), core real estate strategy (discontinuing wind-down of UBS SA), and new non-core RE target allocation of 5%. Board approved Resolution 2024-13.

ASRS staff real estate asset class section within the August 28, 2025 Board meeting packet (243 pages). RE at 17.7% of total fund ($10.04B) as of March 31, 2025, above new 15% SAAP target. Reports 0.18% 1-year TWR. Includes consent items for RE manager recommendations. Notes active portfolio management approach to achieve target allocation.

Fund financial presentation through March 2026. Real assets portfolio at ~$1.06B. Real estate portfolio includes Heitman Real Estate Debt Partners III ($157.6M), Almanac Realty series, KKR REPA series, Sculptor Real Estate, Walton Street RE Debt Core Fund ($49.6M), Heitman Value Partners VI ($467K newly funded), Fidelity CMBS ($3.4M), Silverpeak LP. Action memo for Heitman Value Partners VI $25M commitment dated 01/05/26.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the December 17, 2025 IC meeting, including a $100M SMA commitment and at least two additional RE manager recommendations. Extension consultant RCLCO co-recommends each SMA relationship.

Monthly transaction report disclosing: Jadian Real Estate Fund II ($150M, second series closed-end opportunity fund, Jadian Capital LLC, new relationship); Jadian RE Fund II Co-Investment ($100M sidecar); Kayne Anderson Real Estate Partners VII ($250M, opportunistic closed-end); Bell Growth & Income Fund ($300M, core-plus closed-end multifamily).

Board action items adopting revised investment guidelines for Real Estate (2023-13), Farmland (2023-14), Timberland (2023-15), and Infrastructure (2023-16). Embedded in Real Assets Action Items section of September 2023 board packet.

Monthly transaction report disclosing: WCP NewCold Fund N ($200M, co-invest sidecar alongside WCP NewCold III, Westport Capital Partners); NY affordable housing mortgages in Rome NY and Ovid NY.

ICM packet for June 3 2026 containing a comprehensive staff review of ACERA's delegated authority for all alternative asset classes, prepared per IC Chair Gamble's April 2026 request. The memo includes a full historical log of all IC and staff-delegated investments since 2020, covering all real estate, real assets, private equity, private credit, and absolute return commitments. Lists real estate commitments including: Clarion Partners Lion Industrial Trust ($43M core 2022), PGIM Real Estate US Debt Fund ($30M 2024), Heitman Value Partners VI ($50M 2024), Starwood Distressed Opportunity Fund XIII ($30M 2024), Artemis Healthcare Fund III ($30M 2025), and upcoming real estate core search placeholders.

ASRS staff memoranda seeking IC approval of multiple RE manager recommendations at the March 26, 2026 IC meeting, including commitments of $200M and $100M to SMA relationships. At least four separate RE recommendations appear as consent or action items. Extension consultant RCLCO co-recommends each manager.

RCLCO Fund Advisors (RFA) 2025 Real Estate Asset Class Implementation Plan presented at the March 26, 2025 IC meeting. Taylor Mammen (CEO, RFA) presents strategy conviction levels, pacing study, target returns by sub-strategy, capital deployment schedule, and SMA manager pipeline for 2025. Action item: board approval of proposed 2025 RE implementation plan.

Disclosure of $75M ARMB commitment to Heitman Real Estate Debt Partners III (closed-end, targeting 10-12% net return) executed September 2024. Included in Real Assets Annual Plan presentation. Heitman REDP III is a higher-return real estate debt strategy vs. Walton Street's open-end core approach.

ASRS staff memoranda seeking IC approval of RE manager recommendations at the June 28, 2023 IC meeting. SMA manager relationships bundled in consent agenda, co-recommended by RCLCO as extension consultant.

Monthly transaction report disclosing: EQT Exeter European Logistics Value Fund V (€150M, high-quality industrial logistics in select European markets, existing relationship). Real assets: Stonepeak Global Renewables Fund II ($243.5M + $80M co-invest), DIF Infrastructure VIII (€250M), DIF Value-Add IV (€250M).

ARMB Board approved Notice of Intent to Award new Real Assets Consultant contract to Callan LLC (RFP 24-003) at June 2024 meeting. Contract effective 7/1/2024. Represents continuation of Callan's real assets consulting relationship with ARMB (contract start in 2019).

NEPC quarterly investment market environment report and independent oversight section within the October 4, 2023 IC meeting packet (199 pages). Covers macro/capital markets through Q2 2023, real estate market environment, and performance reporting across all asset classes. Presented by Rose Dean, NEPC Partner.

Monthly transaction report disclosing: 754 Fifth Avenue NY refinancing ($400M mortgage); Asana Partners Select Fund ($300M, fund-of-one core and core-plus retail/mixed-use in urban US); Lowe's Bulk Distribution Center Savannah GA via MetLife ($111.4M, 1.2M sf Class A industrial).

Monthly transaction report disclosing: Blackstone Real Estate Partners Europe VII ($300M, latest Blackstone European RE fund targeting diversified portfolio); affordable housing mortgage at 299 Main St Poughkeepsie NY ($1.5M).

Monthly transaction report disclosing: The Preserve at Poinciana via ComRef Heitman Separate Account ($62.3M, forward purchase of 175-unit Class A single-family-rental development in Poinciana FL). Real assets: Carlyle Renewable & Sustainable Energy Fund II ($200M), DigitalBridge Partners III ($275M).

Monthly transaction report disclosing new real estate fund commitments: Artemis Real Estate Partners Fund IV ($200M, value-add/opportunistic US closed-end fund); ComRef Williamsburg Loft Portfolio via MetLife Separate Account ($68M, 78-unit multifamily in Brooklyn NY). Also Raith Real Estate Fund III through GCM Grosvenor Emerging Manager program (up to $15M, debt/equity).

SWIB 2023 Schedule of Investments (as of December 31, 2023). Private real estate portfolio includes: Blackstone Real Estate Partners VIII/IX/X, Heitman Debt SA VII/VIII + Debt Partners II, Westbrook Real Estate Fund VI/VII/VIII/IX/X, Lone Star RE I-VI, High Street RE Fund VI/VII, FPA Core Plus III-V, CBRE US Logistics Partners + Medical Office, Blue Moon Senior Housing II + SA I/II, WESCO I/III-VI, Penwood Industrial IV-VII, Realterm Logistics, Barings Innovation & Growth RE, Beacon VI/VII/VIII, Carson Industrial JV, DWS Construction Lending SA, Gateway RE Fund VII, Aeroterm Fund, AMCAP SA, and many others.

Real Estate Asset Class Update presented at the June 2023 IAC meeting by SIO Steve Spook. Covers Q1 2023 ODCE index performance (-4.0% depreciation), total asset class returns (1-year 4.5% vs benchmark 3.5%), quarterly highlights, market overview, and portfolio activity. RE program at ~$20.9B NAV as of 9/30/22.

Monthly transaction report disclosing: NYSCRF Frontier Mach III ($400M, Artemis Real Estate Partners' emerging manager program, latest addition); affordable housing mortgage at 48 South Franklin St Nyack NY ($1.2M).

Monthly transaction report disclosing: ComRef Martinique via JP Morgan Separate Account ($50.8M, forward purchase of 120-unit residential townhome development in Lakewood Ranch/Sarasota FL).

Monthly transaction report disclosing: Cortland Enhanced Value Fund VI ($300M, closed-end value-add multifamily Southeast/Southwest US); ComRef Mountain Park via LaSalle Investment Management Separate Account ($70.6M, 240-unit multifamily Phoenix AZ); affordable housing mortgage at 122 Cohoes NY ($4.7M via Community Preservation Corp).

Asset Class SIO Updates including Real Estate section at the December 2023 IAC meeting. Acting SIO Paul Groom and CIO Lamar Taylor provided RE update discussing market conditions, performance (below YTD benchmark), and long-term fixed rate credit facility implementation. Includes Townsend RE portfolio sector allocation as of 6/30/2023.

Monthly transaction report disclosing: KKR Real Estate Partners Americas IV ($250M, closed-end diversified opportunistic fund targeting transitional/distressed real estate); multiple NY affordable housing mortgages in Penn Yann, Ithaca, Poughkeepsie, and Johnson City NY.

Monthly transaction report disclosing: Ares European Property Enhancement Fund IV (€320M, core-plus and value-add in Western Europe/gateway cities); Ares EPEP IV Co-Investment (€100M sidecar alongside). Infrastructure: Copenhagen Infrastructure V (€300M), Copenhagen Infrastructure Co-Investment (€300M), Stonepeak Infrastructure Fund V ($300M).

Full Real Estate Asset Class Review at the March 2026 IAC meeting by SIO Lynne Gray. Covers SBAF RE performance through Q4 2025, RE market update (resilient but selective; 2025 transaction rebound), portfolio composition, fund-level performance data. Real estate returned 0.25%/0.90% over 1Q/YTD 2026 and +3.58% over 1 year. Includes Director of Real Estate and Director of Acquisitions presenting alongside SIO.

Monthly transaction report disclosing: The Holston via LaSalle Separate Account ($88.4M, 238-unit multifamily garden style in Weaverville NC); multiple NY affordable housing mortgages in Rochester, Syracuse (via Community Preservation Corp). Infrastructure: Stonepeak Opportunities Fund ($250M), Castlelake Aviation V Stable Yield ($250M).

Full Real Estate Asset Class Review at the March 2024 IAC meeting. Includes asset allocation transition update as RE target was revised to 12%. Portfolio NAV ~$20.9B (11.6% of TPA). Townsend's Seth Marcus and Jeff Leighton presenting. Covers portfolio evolution (2005–2023), performance, transaction activity, market overview. New CIO Lynne Gray introduced as incoming SIO replacing retiring Steve Spook.

Asset class SIO updates including Real Estate section at the September 2025 IAC meeting. SIO Lynne Gray reported that Real Estate had its first quarter of positive performance since 2022 as of Q1 2025. Includes Major Mandate Performance Review with RE benchmark data. June 3, 2025 minutes also included in this book.

Monthly transaction report disclosing: BlueLinkx Industrial Storage Lawrenceville GA via JPM Separate Account ($40.3M, 585,637 sf low-coverage industrial facility). Also infrastructure: AIP Co-Invest 2023B via Antin Infrastructure Partners (€100M).

Monthly transaction report disclosing affordable housing mortgages in Ithaca, Lake Placid, Schenectady, and Poughkeepsie NY (via Community Preservation Corp). No major fund closings in real estate this month.

Full Real Estate Asset Class Review presented at the March 2023 Investment Advisory Council meeting. Covers portfolio overview, performance vs. ODCE benchmark, portfolio risk profile, transaction activity, and Townsend Group market commentary. Portfolio NAV ~$21.1B (12.4% of TPA); 13 open-end funds, 8 separate accounts, 50+ closed-end funds/REITs. SIO Steve Spook and Townsend's Richard Brown and Seth Marcus presenting.

Monthly transaction report disclosing: ComRef Homestead Square Cupertino CA via MetLife Separate Account ($87.4M, grocery-anchored retail center); Bell Value-Add Fund VIII ($150M, closed-end multifamily value-add fund in major US markets, new relationship for CRF).

Real Estate SIO update by new SIO Lynne Gray at the June 2024 IAC meeting, included as part of the Major Mandate Performance Review. Includes the SBAF Real Estate Portfolio data as of 12/31/2023 (NAV $18.8B), with sector allocation, transaction activity, and benchmark performance discussion.

Real Estate portfolio performance and SIO updates at the September 2024 IAC meeting. Covers SBAF RE performance as of 3/31/2024 (NAV $18.8B), transaction activity (~$250M new commitments including $150M to US non-core opportunistic funds), portfolio composition and diversification. SIO Lynne Gray presenting. Townsend real estate market overview included.

Monthly transaction report disclosing: Waterton Residential Property Venture XV ($300M, closed-end value-add apartment fund targeting top 30-40 US MSAs); new relationship for CRF. Also infrastructure: EQT Infrastructure VI ($450M) and Antin Infrastructure Partners V (€250M).

SWIB 2024 Schedule of Investments (as of December 31, 2024). Private real estate portfolio adds: Bridge Logistics Value Fund II, 1547 Data Center Fund III WESCO V, Berkshire Bridge Loan MF1 III, Lone Star RE Fund VII, FPA Core Plus VI, High Street RE Fund VIII, Heitman Debt Partners III, RLIF Co-Investment I/II, Realterm Airport Logistics, SRE Wilson Industrial JV, Rockwood Multifamily Partners, Blackchamber II, Corebridge US RE Fund IV, MetWest, and continues Beacon VI/VII/VIII, CBRE US Logistics + Medical Office, Penwood series, Westbrook series, and others.