Document library

Full Real Estate Asset Class Review at the March 2025 IAC meeting by SIO Lynne Gray and Townsend Group (Michael Fogliano). Covers SBAF RE performance through Q3 2024, portfolio overview, benchmarks (83.3% NFI-ODCE net + 16.7% NFI-ODCE +150bps), property type return contributions, geographic diversification, and market outlook. RE outperformed primary benchmark over all periods; program at ~$19B targeting 12% of TPA.

IAC-endorsed private markets commitment recommendations for the February 25, 2025 IAC meeting, presented to the SBI Board at its March 21, 2025 meeting for approval.

Meketa Investment Group due-diligence summary memo on MCR Hospitality Fund IV for ERSRI's non-core real estate allocation. Dated January 2024.

ERSRI staff recommendation memo approving up to $20M commitment to Greystar Equity Partners XI, a value-add closed-end multifamily fund targeting Class A and B properties broadly diversified across U.S. gateway and growth markets. Meeting date March 22, 2023.

ERSRI staff recommendation memo approving up to $15M commitment to SROA Capital Fund IX, a value-add self-storage fund targeting acquisition of institutional and non-institutional self-storage properties across the U.S. Meeting date October 2, 2024.

Meketa Investment Group due-diligence summary memo on Greystar Equity Partners XI for ERSRI's non-core real estate allocation. Dated March 2023.

Meketa Investment Group presented the OPERF Q1 2024 Performance Review at the May 29, 2024 OIC meeting (TAB 4). Real Estate was the only asset class with negative contribution; total RE portfolio returned -4.7% trailing 1-year. ABKB-LaSalle Advisors REIT sleeve also covered. Real estate assets were noted as continuing to underperform other asset classes in higher rate environment.

Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Philip Chris Ebersole (Investment Officers) with Christy Fields (Meketa) presented the Real Estate Annual Review & 2024 Plan at the March 6, 2024 OIC meeting (TAB 5). Covered open-end core portfolio (Heitman America REIT, Harrison Street Core Property Fund, Prologis Targeted US Logistics Fund, Nuveen U.S. Cities Multifamily, AEW Core Property Trust, GID Mainstay, Walton Street, Sculptor Diversified RE Income Trust), separate account portfolio (Clarion, Lincoln, Regency, Lionstone, Waterton, Ascentris, LBA Industrial, Harrison Street Life Science Core). 2024 plan: $500M–$1B in new commitments.

Comprehensive portfolio performance report as of March 31, 2025, covering all asset classes including private markets real estate and real assets. Includes returns, benchmark comparisons, and program-level overview.

Meketa Investment Group presented the OPERF Q3 2024 Performance Review at the December 4, 2024 OIC meeting. Real Estate: $13.2B (manager selection contributed to relative returns; overweight Policy marginally detracted). Real Assets: $10.0B outperformed benchmark. Real estate assets noted as continuing to underperform amid higher rate environment.

ERSRI staff recommendation memo approving up to $25M commitment to Ventas Life Science and Healthcare Real Estate Fund (VLSHREF), a core/core+ open-end fund focused on life science, medical office, and seniors housing. Meeting date March 22, 2023.

Staff recommendation (Action Item) presented by Michael Langdon to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for two additional years (through June 30, 2025). Original contract approved April 22, 2020. Bundled in the May 31, 2023 public board book as TAB 8.

Greystar Real Estate Partners fund presentation for Rhode Island SIC on Essential Housing Fund I, an opportunistic multifamily development fund using modular construction to deliver attainable housing at 70–90% AMI.

Staff presentation by Michael Langdon (Director of Private Markets), Austin Carmichael, Christopher Ebersole, and Sam Spencer (Investment Officers, Real Estate) with consultant Christy Fields (Meketa). Covered 2022 commitments ($1.75B across 9 investments), portfolio performance vs. NFI-ODCE+50bps benchmark.

Ventas manager presentation for Rhode Island SIC on the Ventas Life Science and Healthcare Real Estate Fund, a core/core+ open-end fund targeting life science, medical office, and seniors housing assets in top U.S. cluster markets.

IAC-endorsed private markets recommendation for the October 20, 2025 IAC meeting, covering TA Realty Value-Add Fund XIV ($200M) and Energy Capital Partners VI ($250M) among other funds.

ERSRI staff recommendation memo approving up to $15M commitment to IPI Partners III, a value-add/opportunistic data center fund focused on hyperscale data centers globally via IPI's STACK development platform. Meeting date August 23, 2023.

Quarterly private markets asset listing as of September 30, 2025 showing all SBI real estate, real assets, private equity, and private credit fund commitments with vintage year, committed capital, and fund status. Real estate managers include Carlyle, Rockpoint, Blackstone, Oaktree, Brookfield, TA Realty, TPG Angelo Gordon, Torchlight, and others.

Meketa Investment Group presented the OPERF Q3 2025 Performance Review at the December 3, 2025 OIC meeting. As of September 30, 2025: Real Estate $13.4B (2.8% 1-year return). Real Assets portfolio noted. Includes fixed income annual review and diversifying strategies annual review components.

IAC-endorsed private markets commitment recommendations for the November 19, 2024 IAC meeting, presented to the SBI Board at its December 10, 2024 meeting for approval. Specific real estate fund details are in the full meeting book.

IAC-endorsed private markets commitment recommendation for the August 2023 meeting cycle, covering BREP Europe VII ($150M) and BSREP V ($200M).

IAC-endorsed private markets recommendation for the May 2024 cycle, covering up to $125M to AG Europe Realty Fund IV (TPG Angelo Gordon), a closed-end European real estate fund investing in 10 countries including UK, Germany, France, and Sweden.

CBRE Investment Management fund presentation for Rhode Island SIC on U.S. Logistics Partners (USLP), a core+ open-end fund targeting newly built modern logistics facilities with sustainable amenities across U.S. coastal and major markets. Public deck.

ERSRI staff recommendation memo approving up to $15M commitment to MCR Hospitality Fund IV, a value-add hotel fund targeting 60–75 premium branded limited-service and extended-stay hotels. Meeting date January 24, 2024.

The April 16, 2025 OIC Real Estate Annual Review documents 2024 commitments to LBA Logistics Value Fund X ($100M value-add domestic industrial, unfunded) and LBA Core Industrial Separate Account ($100M core domestic industrial, unfunded). LBA is a top-10 OPERF real estate manager with $757M NAV. Disclosed as part of the 2024 new commitments table in the 2025 Annual Review.

Belveron Partners investor presentation for ERSRI on Fund VII, a value-add fund targeting acquisition and preservation of regulated 'Capital A' affordable housing including Project Based Section 8 properties.

IAC-endorsed private markets recommendation for the August 2024 cycle, covering up to $100M to Blackstone Real Estate Partners Asia III (BREP Asia III), investing across China, India, Japan, and Australia.

ERSRI staff recommendation memo approving up to $25M commitment to Greystar Essential Housing Fund I, a value-add/opportunistic multifamily development fund targeting attainable housing for residents at 70–90% AMI. Meeting date February 26, 2025.

Berkeley Partners manager presentation for ERSRI on Value Industrial Fund VI, a value-add light industrial fund targeting 50,000–250,000 SF infill properties near U.S. city centers. Public deck.

Meketa Investment Group and Aon presented the 2026 Capital Market Assumptions at the March 4, 2026 OIC meeting. Detailed real estate return assumptions: Core RE 3.5% real return (higher than 2022), Non-Core RE 5.3%, U.S. REITs 4.1%. Open-End Real Assets 4.9%, Closed-End Real Assets 6.7%. Noted that 2026 reflects higher forward-looking allocation to Core Real Estate and Core Infrastructure.

Greystar Real Estate Partners manager presentation for ERSRI on Greystar Equity Partners XI, a value-add multifamily fund targeting 70-75 institutional Class A/B properties across U.S. gateway and growth markets.

The January 24, 2024 OIC meeting minutes document a Real Estate Committee approval of a $150M USD commitment to Carlyle Property Investors on November 13, 2023. Disclosed in the Committee Reports section of the January 2024 board book.

The 2024 Opportunity Portfolio Annual Review (March 5, 2025) discloses OPERF's holdings in Blackstone Tactical Opportunities - O ($218M NAV, $250M commitment, Harvest/Special Situations) and Blackstone Tactical Opportunities II - O ($187M NAV, $200M commitment, Active/Special Situations Tactical). Both are hybrid equity/credit niche strategies. Also Blue Owl Capital Corporation (OBDC/OBDE) included.

SROA Capital company overview presentation for Rhode Island on Fund IX, a value-add self-storage fund. Public deck dated September 2024.

ERSRI staff recommendation memo approving up to $20M commitment to Elion Industrial Fund II, a value-add last-mile logistics industrial fund targeting 40–50 supply-constrained infill properties. Meeting date February 28, 2024.

The April 15, 2026 OIC meeting minutes document an OST Investment Committee approval (January 26, 2026) of a $100M USD commitment to Lincoln Logistics Fund II, L.P. from OPERF. Lincoln is one of OPERF's top 10 real estate partnerships with $2.3B market value. Disclosed in the Committee Reports section.

Ben Mahon (Senior Investment Officer, Real Assets), Melissa Grant and Michael Brand (Directors, Co-Heads Real Assets, Aksia) presented the Real Assets Portfolio Annual Review at the April 16, 2025 OIC meeting (TAB 4). CY 2024 commitments: $775M across six approvals including Harrison Street co-invest top-off ($50M, Infrastructure). Real Assets returned +3.7% vs. benchmark over 1-year. Top managers: Global Infrastructure Management, Warwick Investment Group, Blackstone Group, Harrison Street Advisors.

Quarterly private markets asset listing as of June 30, 2025, showing all SBI real estate, real assets, private equity, and private credit fund commitments. Provides vintage year, committed capital, and current status for the full real estate manager roster.

Staff recommendation to extend the Real Assets Portfolio consultant contract with Aksia (originally approved at a prior meeting) through 2025. Presented at the September 6, 2023 OIC meeting as TAB 3.

Meketa Investment Group due-diligence summary memo on Elion Industrial Fund II for ERSRI's non-core real estate allocation. Dated February 2024.

Tad Fergusson (Director of Private Markets), Gloria Gil (Senior Investment Officer, Real Estate), Austin Carmichael, and Chris Ebersole (Investment Officers) presented the Real Estate Annual Review & 2026 Plan at the May 27, 2026 OIC meeting (TAB 4). Portfolio: $13.7B total (71% Core, 27% Non-Core, 2% REITs). Top managers: Lincoln Advisors ($2.3B), GID ($1.8B), Ascentris ($874M), Harrison Street ($825M), LBA ($757M), Prologis ($697M), Clarion ($674M), Regency ($662M), Abacus ($604M), DivcoWest ($483M). 2025 commitments: $417M across Abacus Multi-Family Partners VII ($100M), Clarion Alternative Sectors Fund ($100M EUR), Blue Owl RE Fund VII ($100M), Hines European Property Partners ($117M). 2026 plan: $400M–$750M new commitments. Outperformed NFI-ODCE+50bps across all time periods.

Staff recommendation (Action Item) presented by Gloria Gil to extend the Real Estate Portfolio consultant contract with Meketa Investment Group for an additional two-year period beginning July 1, 2025, and ending June 30, 2027. Presented at the May 28, 2025 OIC meeting as TAB 4 (Real Estate Consultant Contract).

ERSRI staff recommendation memo approving up to $30M commitment to Raith Real Estate Fund IV, a diversified opportunistic closed-end fund targeting deep value commercial and residential real estate including industrial, multifamily, and niche property types. Meeting date March 26, 2025.

IAC-endorsed private markets recommendation for the February 2024 cycle, covering $175M to Oaktree Real Estate Opportunities Fund IX (global distressed CRE debt/equity) and $150M to Blackstone Energy Transition Partners IV (energy/infrastructure).

The October 23, 2024 OIC meeting minutes document an OST Investment Committee approval (July 24, 2024) of a commitment to Harrison Street European Core Fund SCSP SICAV-RAIF from OPERF. Amount listed as $150M USD in the committee report. Disclosed in the Committee Reports section.

Ben Mahon (Senior Investment Officer, Alternatives) and Tom Martin (Partner, Global Head of Private Equity and Real Assets, Aksia) presented the OPERF Real Assets Portfolio Annual Review at the April 19, 2023 OIC meeting. Covered portfolio overview, performance vs. CPI+4% objective, and forward plan. Blackstone Group was among top holdings ($437.4M).

ERSRI staff recommendation memo approving up to $20M commitment to Berkeley Partners Value Industrial Fund VI, a value-add light industrial fund targeting infill urban locations across U.S. growth markets. Meeting date May 24, 2023.