Document library

Staff memo covering real estate manager annual review meetings with INVESCO Core (May 1, 2025) and Stockbridge (May 1, 2025); packet also includes Verus Q1 2025 performance report and agenda item for RCG Ventures Fund VIII closed-session commitment.

IAC pacing review for NCRS real estate program: allocation (6.56% of plan as of 5/12/2025), core/non-core performance, strategic and tactical focus on niche sectors, property type diversification, StepStone monitoring data.

IMD staff inflation-sensitive pacing review as of 3/31/2025; 47 funds ($6.1B), sub-strategies include private natural resources (30%), real assets & diversifiers (40%), infrastructure, data centers, and timberlands.

NEPC Q4 2024 private real assets performance report presented at the May 27 2025 StanCERA Board meeting. Covers performance for the full-year 2024 for real estate and real assets. Includes Morgan Stanley Prime Property Fund, PGIM US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, TA Realty Value Fund XIII, and Brookfield BSREP V. Bundled in May 27 2025 board book.

Staff memo (May 23, 2025) documenting executed real estate contracts: BIG Real Estate Fund III ($75M funded April 18, 2025), BRASA III LP amendment, Carlyle Property Investors MFN, and Franklin Templeton Private Real Estate Fund term extension to September 2026.

Staff memo recommending the board authorize step two for a $250M commitment to Hines U.S. Property Partners Fund, a core and non-core open-end U.S. real estate fund.

Staff analysis attachment detailing alignment, structure, fees, expected returns, and risks for $250M investment in Hines U.S. Property Partners Fund.

The Barings Core Property Fund (“BCPF” or the “Fund”) is a diversified, core, open-end commingled fund primarily of stabilized, income-producing, equity real estate. It is structured as a limited partnership with a private REIT subsidiary. The Fund seeks to provide attractive total returns with reduced risk. The Fund has both relative and real return objectives over the longer term: its relative performance objective is to exceed the NCREIF Fund Index-Open-End Diversified Core Equity (“NFI-ODCE”

Verus total fund investment performance review for SCERS for Q1 2025. Covers all asset classes including real estate and real assets. Full performance attribution and asset allocation analysis.

ERS staff annual program review covering public REIT portfolio ($899M), private real estate (9% target, NCREIF-ODCE benchmark, +334 bps 5-year value add), and infrastructure to Joint Board-IAC.

NEPC quarterly IPA; records Raith Real Estate Fund IV ($75M, RE) approved Mar 2025; Q1 2025 total fund and real estate program performance.

Callan-prepared fund profile for Ares Secondaries Infrastructure Solutions III included in APERS May 2025 infrastructure secondaries search. Covers Ares Management background, fund strategy targeting secondary infrastructure investments, key professionals, vehicle history, terms, and Callan commentary. Ares team began secondary real asset program in 2015; predecessor strategy known as Landmark Infrastructure Partners.

Monthly investment flash report presented at May 15, 2025 board meeting; first appearance of Clarion Lion Properties Fund in the core real estate composite alongside American Realty and Barings, reflecting new commitment approved in closed session.

Quarterly portfolio allocation report showing real estate composite ($201.1M, 9.1%): core RE (American Realty, Barings) and closed RE (Big Real Estate Fund I, Big Real Estate Fund II, Artemis RE Partners IV, Thor Equities); Clarion not yet in portfolio; presented at May 15, 2025 board meeting.

IAC-endorsed private markets recommendation for the May 13, 2025 IAC meeting, covering up to $200M to TA Realty Value-Add Fund XIV (U.S. industrial/multifamily/data centers/retail/office) and up to $250M to Energy Capital Partners VI (energy infrastructure). Total $450M.

Two real estate fund presentations: (1) Sterling United Properties I CF, L.P. – a value-add diversified fund recommended at $150M; (2) TA Realty Core Property Fund, L.P. – a core-plus diversified fund recommended at $200M. Includes 2025 pacing plan showing $500M committed YTD against $1.35B annual target.

Detailed fund presentation for Sterling United Properties I CF, L.P., presented by Denise Stake and Philip Conner. Commitment recommended at $150M. Value-add strategy. Confirmed committed at $150M at July 2025 IAC meeting.

Detailed fund presentation for TA Realty Core Property Fund, L.P., presented by Denise Stake and Philip Conner. Open-end core-plus diversified US property fund. Recommended commitment $200M (reduced to $200M from $300M recommendation; remaining $100M committed at September 2025 meeting). Existing manager in CRPTF RE portfolio.

List: Investment Managers, ... Management Services, ... Clerk, Auditor and Custodian ... VIII. PORTFOLIO REVIEW AND EVALUATION ... 22 ... 22 ... X. CONSULTANT COMPLIANCE CERTIFICATION STATEMENT ... 30 ... 31 ... Consultant Responsibilities It is the responsibility of the Fund’s consultant to develop a strategic investment plan, implement this investment plan and to monitor the Fund’s investment progress. The strategic investment plan will be summarized in the Fund’s Investment Objective &…

Cambridge Associates annual benchmarking report for FY2024; UW overweight public equities and underweight private investments vs peers; monitors private investments and uncalled capital.

UWINCO annual investment program review; CEF real assets at 4% (~$221M) of $5.7B endowment as of Dec 2024, target 5%; no change to strategic asset allocation recommended.

Albourne and Cambridge Associates presented quarterly asset class reviews covering Real Assets (including real estate) as of March 31, 2025 at May 8, 2025 board meeting.

ROCKCREEK UPDATE 18 ... Quarterly Commentary Letter | Q4 2025 ... Afsaneh Beschloss, RockCreek Founder and CEO, joined David Westin on Bloomberg's Wall Street Week to reflect on the past 25 years in markets, and China’s advances in technology and energy (watch here) and moderated a conversation on nuclear energy with leaders from the Nuclear Energy Agency, Rockefeller Foundation, and Council on Foreign Relations (watch here ... RockCreek, RockCreek Group, Rock Creek and the RockCreek logo are…

Hamilton Lane Q1 2025 RE performance update for SBCERS; deal reviews cover Abacus Multi-Family Partners VII ($7.5M) and Artemis Real Estate Healthcare Partners Fund III ($7.5M); portfolio one-year IRR of 1.37%.

NEPC quarterly investment performance report covering BCFPERS real estate composite and private real assets allocation; includes detailed manager-level attribution.

Q1 2025 board quarterly update recording PRIM Board approval of up to $75M to DivCore Fund VII U.S., L.P. plus up to $75M co-investment capital, as a non-core real estate commitment.

roles and respons ... Investment Committee (“ ... The following procedures will be utilized for selection of IMA Managers if requested by the Board. ... 1. Manager Selection Process ... a) Working with Staff, the Consultant shall establish qualification criteria consistent with the purpose of the search. b) Working with Staff, the Consultant shall establish evaluation areas, desired levels of competency and respective weightings for evaluation factors. c) Working with Staff, the Consultant may p

NJ Division of Investment quarterly Director's Report and investment reporting package presented to the State Investment Council at the April 30, 2025 regular meeting, including Q4 2024 RVK performance review and portfolio update including real estate and real assets. Notes modification to Townsend SMA.

NEPC's 2025 capital markets assumptions presented to PSPRS Investment Committee (April 2025, Rose Dean CFA, Partner). Data as of 12/31/2024. Ten-year real estate return forecasts: Core 5.9% (+0.5% vs prior), Value-Add 7.1% (+0.5%), Opportunistic 8.1% (+0.5%), Private Debt RE 6.5% (+0.2%). Thirty-year: Core 6.5%, Value-Add 7.8%, Opportunistic 8.7%. Includes PSPRS asset allocation scenarios with recommended target ranges for real estate and real assets within the Global Private Equity allocation.

Staff memo and IPC report proposing a $400 million investment in Townsend Real Estate SMA, a customized separately managed account focused on middle market primary funds ($500M-$2B) as well as tactical investments including JVs, platforms, and seed investments. Targets 13% net returns. Aksia LLC served as RE consultant. Presented at SIC April 30, 2025 regular meeting.

The Mortgage Program provides customized funding with commercial properties as collateral. DB Fitzpatrick has administered the Commercial Mortgage…

Northern Trust private markets performance report as of September 30 2024, presented at the April 22 2025 Board meeting. Produced at direction of StanCERA staff, covers individual fund monitoring for the real estate program: Morgan Stanley Prime Property Fund, PGIM Real Estate US Debt Fund, American Strategic Value Realty Fund, Greenfield VII, Grandview I & II, TA Realty Value Fund XIII. Notes PGIM and American Realty Advisor performance data being updated. Bundled in April 22 2025 board book.

PERSI CIO memo (dated April 16, 2025) introducing the 2025 annual real estate review. Covers four presentations: Callan 2025 Annual RE Review (AEW, PRISA, Adelante), AEW Annual Board Review, Callan Idaho CMP Review, and DBF Idaho Mortgage Program Review. Callan notes AEW 'remains a stable organization', is 'well-positioned', and 'exceeding the objectives of the program'.

Blackstone Reports First Quarter 2025 Results ... New York, April 17, 2025: Blackstone (NYSE:BX) today reported its first quarter 2025 results. ... Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported another quarter of strong results despite turbulent markets. Inflows reached $62 billion — the highest level in nearly three years — reflecting the deep trust we’ve built with our investors over decades. We also delivered positive investment ... across all…

To the General Partner TerraCap Partners V Opinion We have audited the combined financial statements of TerraCap Partners V (HNW) LP and TerraCap Partners V (Institutional) LP (collectively "TerraCap Partners V"), which comprise the combined balance sheets as of December 31, 2024 and 2023, and the related combined statements of operations, changes in partners' equity, and cash flows for the year s then ended. In our opinion, the accompanying combined financial statements present fairly, in all m

TRS IMD April 2025 board presentation: Q4 2024 performance update with real estate as alpha generator despite ODCE down 10% one-year; special opportunities including real estate construction loans; Aon performance review embedded.

Staff memo (April 8, 2025) documenting executed real estate contract actions: Blue Vista Real Estate Partners IV fee-reduction amendment, Blackstone Property Partners MFN election, and Long Wharf Real Estate Partners VII LP amendments.

Callan quarterly real estate portfolio performance report for NHRS for the period ending December 31, 2024, included as informational material at the April 8, 2025 IIC meeting.

Mar 21, 2023 ... RRA Capital Seeks $400M for third real estate debt fund ... Read the full article on IREI here.

31 December 2024 2025 Axium Infrastructure Responsible Investment Strategy Disclaimer ... Axium Infrastructure is an independent fund manager dedicated to investing in core energy and utilities, social, and ... transportation infrastructure assets led by a team with deep sector expertise. Established in 2009, The Firm has offices in Montréal, Toronto, Vancouver, New York, and London with over 110 investment professionals and support staff. Focused until ... recently on the North A

CIO delegated authority memo (April 7, 2025) reporting $75M staff-approved commitment to Basis Investment Group Real Estate Debt Fund III; reviewed by Callan’s Alternative Investment Review Committee February 18, 2025.