Document library

TRS IMD annual real estate portfolio review: 2024 activity ($500M to funds, $1.99B to PIs), $2.6B capital plan, spotlight on retail investor impact on CRE; RE performance -2.6% TWR vs benchmark; 287 active investments, $29.6B NAV.

Eric Cannon is ARA's Managing Director, Deputy. Portfolio Manager, and part of the team that manages the development, implementation, and.

Board approved up to $35M commitment to High Street Value Fund II at July 10, 2025 meeting; value-add real estate strategy by High Street Real Estate.

Albourne Partners real estate portfolio analytics included within July 2025 IAC board book. Covers CRPTF RE portfolio performance, manager-level analytics, sector/geographic exposure, vintage year distribution, and benchmark comparison vs. NCREIF NFI-ODCE. Detailed fund-level performance tables for all active RE managers.

ICM packet for July 2 2025 containing Callan's ACERA Real Estate Investment Plan (2025–2026) with updated pacing study, portfolio composition, and investment recommendations. As of year-end 2024 the real estate exposure was 6.9% (8.2% including unfunded commitments). Callan recommended new core commitments plus continued non-core activity. Prior commitments listed: PGIM US Real Estate Debt Fund ($50M core, 2024), Heitman Value Partners VI ($50M, 2021), Starwood Distressed Opportunities Fund XIII ($50M value-add, 2022). Also includes the Real Estate Policy review.

Meketa Q2 2025 private markets report for Oklahoma TRS covering real estate (32 funds, $2.65B committed, $1.70B FMV) and private equity program.

Second quarter 2025 performance review by Callan; Private Real Assets +1.27% vs 0.86% benchmark; portfolio $58.3B.

CalSTRS staff semi-annual activity report for real estate as of June 30, 2025, listing $2.35B in new commitments including Greystar Credit Opportunities Fund II, Harrison Street European Property Partners IV, Fairfield US Multifamily Value-Add IV, Artemis Healthcare Fund III, Starwood Credit Real Estate Income Trust, and IPI Partners III.

Recommendation for ISQ Global Infrastructure Fund III and Co-Investment Fund To: RISIC Prepared: September 11, 2020 From: Thomas Lynch, CFA, Senior Managing Director ... The purpose of this memo is to provide RISIC with a summary of Cliffwater’s recommendation on ISQ Global Infrastructure Fund III (“ISQ III” or the “Fund”) and ISQ III Co-Investment Fund. Cliffwater has completed its investment due diligence and operational due diligence and recommends the Fund as part of ERSRI’s…

Equus Capital Partners, Ltd. is a private real estate investment fund manager with a 40+ year history of managing a high quality investment portfolio.

stewardship & REsponsibilityreport ... 2025 Report & accounts ... Note: The Manager of the Fund is Darwin Alternative Investment Management (Guernsey) Limited which is regulated by the Guernsey Financial Services Commission.Darwin Alternative Investment Management Limited is the Investment Adviser to the Fund and is authorised and regulated by the Financial Conduct Authority. ‍Darwin Alternative Investment Management Limited: Registered in England & Wales No. 08100415. Registered…

CIO quarterly review for Q1 2025; $375M new commitments including Real Estate & Infrastructure; real estate returned 11.17% with 18.9% allocation.

RVK tear sheet for Harrison Street Real Estate Partners X, LP summarizing terms ($2B target/$3B hard cap, 13-15% net IRR target), track record across Funds I-IX, and strategy focused on demographic-driven needs-based alternative real estate (student housing, senior housing, healthcare, data centers, storage). First close targeted June/July 2025.

Blue Owl formal GP presentation to VPIC for Blue Owl Real Estate Fund VII (OREF VII), net lease strategy. Shows firm AUM grown to $265.3B including acquisitions of IPI Partners (digital infrastructure) and Prima Capital (RE credit). Core Real Assets breakdown: $33.9B net lease, $15.5B RE credit, $14.2B digital infrastructure. Targets same ~8% annual net income as prior funds.

UTIMCO Real Return team presents 2024 results; private real estate +1.5% IRR (1st/2nd quartile), private infrastructure +9.9% IRR; real estate valuations declined 18% from 2022 peak but stabilized; discusses midstream, power, and data center infrastructure tailwinds; FY2026 SAA increases Real Return target by +1%.

Cliffwater quarterly performance review for SCERS: Absolute Return Q1 2025, Private Equity/Credit/Real Assets Q4 2024. Real Assets returned 0.8% in Q4 2024 outperforming benchmark. Portfolio real assets since inception 10.4% net IRR. Infrastructure and energy-led performance.

Staff memo recommending a two-year extension of Townsend Group's real estate consulting agreement through June 30, 2027 at $275,000/year. Townsend has served as SCERS' dedicated real estate consultant since August 2012. Townsend was acquired by The Riverside Company in 2024. Staff recommends extension with RFP to follow.

Townsend Group's full real estate portfolio performance measurement report for Q1 2025 embedded within Item 16. Covers all 9 core and 17+ non-core SCERS real estate fund positions with vintage year, commitment amount, funded/unfunded amounts, capital returned, market value. New Q1 2025 commitments: FPA Core Plus Fund VI ($50M) and FPA Apartment Opportunity Fund IX ($30M). Total real estate portfolio market value ~$920M (6.7% of plan at $13.8B total plan assets).

StepStone real estate Q4 2024 quarterly report; new Q4 2024 commitment: AEW Partners Real Estate Fund X ($75M, Non-Core); Q1 2025 subsequent: Brookfield Strategic Real Estate Partners V-B ($115M, Non-Core, US).

CalPERS Investment Committee agenda staff memo for Item 6e1, June 16 2025. Covers the Real Estate Annual Program Review (separate from Infrastructure in 2025). Introduces open-session presentation (Att 1) and Meketa RE Update (Att 2). Presented by Sarah Corr, Daniel Booth, Stephen Gilmore.

CalPERS Investment Committee agenda staff memo for Item 6e2, June 16 2025. Covers the Infrastructure Annual Program Review (separate item from RE in 2025). Introduces open-session presentation (Att 1) and Meketa Infrastructure Update (Att 2). Presented by Sarah Corr, Daniel Booth.

Meketa Investment Group annual program review inclusive of quarterly infrastructure performance review for CalPERS as of March 31, 2025 (Item 6e2 Attachment 2, June 16 2025). Infrastructure outperformed benchmark for all periods; 1-year return 9.7%. 13 pages.

Meketa Investment Group annual program review inclusive of quarterly real estate performance review for CalPERS as of March 31, 2025 (Item 6e1 Attachment 2, June 16 2025). Portfolio outperformed benchmark for 1-year (9.7%) and all periods. 16 pages.

CalPERS staff presentation for the Real Estate Annual Program Review as of March 31, 2025 (Item 6e1 Attachment 1, June 16 2025 meeting). 11-page deck covering RE program overview, market environment, performance and risk analyses, and key initiatives.

Your Investment Team ... HUSPP's experienced management team brings deep local expertise, a key market differentiator. ... They are backed by almost 3,000 Hines professionals across 103 U.S. offices as of Q4 2025, specializing in acquisitions, dispositions, portfolio management, research, financing, sustainability, and development. ... Adriana de Alcantara ... New York, NY ... Alfonso Munk ... Co-Head of Investment Management ... Chiang Ling Ng ... Co-Head of Investment Management ... Ali…

Investment Committee agenda for Jun 12 2025 recommending commitment to Abacus Multi-Family Partners Fund VII, L.P., a multifamily real estate fund managed by Abacus Multi-Family Partners.

Staff recommendation to execute fund documents for a $250M commitment to Hines U.S. Property Partners Fund after completion of operational due diligence and legal review.

STRS Ohio annual investment plan for fiscal year 2026 (July 2025-June 2026), adopted June 12, 2025; RE allocation target reduced to 8% neutral; plans 3-6 new fund commitments for international and opportunistic portfolios.

Callan LLC quarterly real assets report for period ending March 31 2025, embedded in APERS June 2025 board packet. Core RE composite returns and peer rankings for Carlyle Property Investors, Clarion Lion Industrial Trust, Invesco Real Estate (still underperforming; Kim Hourihan named Head of Global Strategy Aug 2025), Heitman Real Estate Trust LP, Principal Enhanced Property Fund. Non-core RE: Harrison Street Fund VIII (-2.41%), IX (11.87%), Heitman Value Partners IV (1.47%), LaSalle VI (-2.00%), VII (0.17%), TA Realty XII (1.04%), XIII (0.78%). Notes Clarion Partners hiring Josh Pristaw as President.

Q1 2025 RE Quarterly Activity Report. Committed $150M to Digital Realty DC Partners NA (data center JV) and $50M to FPA Core Plus Fund VI (FPA Multifamily, core-plus US apartments targeting 9-11% net IRR). Portfolio $11.9B, just over 9% CTF. Positive 1-year absolute return.

STRS Ohio investment committee agenda package for June 2025 meeting including Meketa Q1 2025 performance review (RE -2.38% 1-yr, 8.3% allocation vs 10% policy), Callan review, and adoption of Fiscal 2026 Investment Plan.

Callan quarterly real estate portfolio performance report for NHRS for the period ending March 31, 2025, included as informational material at the June 10, 2025 IIC meeting.

Fiscal Year 2025 Fourth Quarter and Full Year Results May 29, 2025 Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 3 Business Performance Financial Results Dividend ... • Assets under management and fee-earning assets under management were $138 billion and $72 billion, respectively, as of ... March 31, 2025, increases of 11% and 10%, respectively, compared to March 31, 2024

StepStone Private Markets (SPRIM®) ... The descriptions herein reflect Advisers’ current views and expectations and are subject to change and are qualified in their entirety by the Prospectus for the Fund. There can be no assurance that such funds will be raised or that, if raised, they achieve their objectives or avoid substantial losses.

Townsend provides these custom investment solutions to help meet the needs and objectives of its clients' investment programs using…

Board meeting notice of results documenting Neuberger Berman fund overview and new tranches presentation, plus Aksia's 2024 Annual Real Estate Review and Pacing Analysis Update, heard June 5, 2025.

ICM packet for June 4 2025 containing Callan's semiannual real estate portfolio performance review for the period ending December 31 2024. The RE report details ACERA's $815M real estate portfolio at 8.2% target. The packet also includes NEPC semiannual reviews of private equity, private credit, real assets, and absolute return, all for the period ending December 31 2024. Reveals unfunded commitments to PGIM US Real Estate Debt Fund, Heitman Value Partners VI, and Starwood Distressed Opportunity Fund XIII.

SALT LAKE CITY, UTAH—October 30, 2025—Bridge Investment Group Holdings LLC (“Bridge”) today announced that it has completed fundraising for Bridge Debt Strategies Fund V LP (together with its related vehicles, “BDS V” or the “Fund”), raising $2.15 billion in equity commitments. ... BDS V is a diversified, three-pronged strategy focused on originating first mortgage direct loans, issuing CRE CLOs, purchasing Freddie Mac K-Series B-Pieces, and investing in other CRE-backed debt, including CRE…

Staff-issued RFP for qualified closed-end value-add and/or opportunistic real estate fund managers; Marquette Associates assisting with search; issued following June 2025 Board approval to issue RFP.

DERP 2024 ACFR with NEPC investment consultant data; real estate 10% target with sub-allocations: 4% core, 4% non-core, 2% debt. Real estate returned -6.3% in 2024 vs NCREIF -1.2%. Total plan returned 7.9%.

Public statutory disclosure of PERA's real estate fund holdings listing all joint ventures, open-end and closed-end funds with ownership percentage, property type, NAV, and GP/advisor name as of year-end 2024.

Staff recommended investing up to €60M in Hines European Property Partners Fund, a European core-plus open-end real estate fund, completing SCERS's globalization of core allocation.

Reports provide an overview of OCERS' investment allocation and performance. Reports will be posted as soon as they become available.