Document library

Verus quarterly investment performance review covering KCERA's total fund including core and private real estate allocations as of March 31, 2023.

Staff presentation covering private equity and real estate market overview, real estate strategies (core, value-add, opportunistic), allocations by pool, and real estate strategy update that proceeded into executive session.

Aon recommends and Board approves $100M in Realty Income's open-ended US core-plus fund targeting diversified net-lease investments in industrial and retail properties across 33 states.

Aon presents 2026 Real Assets pacing of $550M ($200M core RE, $200M non-core RE, $150M infrastructure); also recommends additional $50M in Ares Industrial Real Estate Fund (Ares acquired Landmark Partners).

Aon recommends and Board approves up to $100M in Ares Industrial Real Estate Fund, LP; open-end fund investing in Class A/B industrial distribution centers in coastal and inland US markets.

Aon Hewitt recommends up to $50M commitment to Lone Star Real Estate Fund VII, a closed-end global opportunistic fund targeting distressed commercial RE debt and equity; target net IRR 11–12%.

Aon Hewitt recommends and ATRS staff concurs with up to $50M commitment to Carlyle Realty Partners X, L.P.; ATRS previously invested in Carlyle RE Funds VII, VIII, and IX.

Aon Hewitt recommends up to $50M in KAREP VII, a closed-end opportunistic fund targeting specialized real estate sectors; target net IRR 15–18%.

Board adopts Resolution 2026-29 authorizing up to $75M in Ares Real Estate Secondaries Fund X, L.P.; opportunistic RE fund-of-funds acquiring secondary market LP interests; targets 15% net IRR, 1.5x net equity multiple.

Aon presents 2025 Real Assets pacing of $750M ($300M core RE, $100M non-core RE, $350M infrastructure) and recommends $100M in Blackstone-owned Strategic Partners Infrastructure IV with imminent need status.

Board approves Resolution 2024-36 authorizing up to $50M in Long Wharf Real Estate Partners VII, L.P.; value-add fund acquiring diversified assets at discounts; closed December 30, 2024.

Aon Hewitt and ATRS staff recommend up to $50M in KKR Real Estate Partners Americas IV SCSp; Board adopts Resolution 2023-45; fund focuses on industrial and rental properties.

Annual Real Assets program review covering private real estate, infrastructure, and natural resources; top managers PGIM (11.2%), Blackstone (7.9%), Morgan Stanley (7%), Clarion (5.8%). Total Real Assets ~$15.9B as of August 2025.

PMC recommended Board approve technical revisions to CTF Real Estate Investment Program Policy 2.10.600 to simplify language and ensure consistency with related policies; Board approved at June 2024 meeting.

Staff memo and PMC discussion recommending retention of StepStone Group Real Estate LP as WSIB real estate consultant for an initial 5-year term; replaces Courtland Partners relationship dating to 2011.

Callan presented L&I annual portfolio review to the Board, discussing real estate allocation implementation progress; Board approved updated SAA for L&I funds including expanded real estate allocation for the portfolio.

Board approved retaining StepStone Group Real Estate LP as real estate consultant for up to 10 years; minutes include full discussion of StepStone qualifications and conflict management.

Open-session education presentation by two WSIB real estate intermediaries covering US real estate market outlook including tariff impacts on industrial, residential rationale, retail supply, self-storage demand, and office market dynamics.