Inflation Protection

AEW Capital Management, a global investment management firm specializing in real estate, was founded in 1981 and is headquartered in Boston, MA. At the time of investment the firm had 223 employees.

Website: http://www.aew.com/

Investment Approach Initial Investment Role in the Portfolio
Core Property Trust is an open-end, diversified core fund that seeks to invest in best-in-class assets located in top tier markets in the U.S. The fund places a heavy emphasis on current income, liquidity and strong, long term fundamentals. The fund invests in major U.S. gateway markets with diverse employment bases.
  • $35,000,000 commitment to AEW Core Property Trust in 2008
  • Additional commitments of $25,000,000 in 2013 and $9,873,660.21 in 2016
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

Heitman, a global investment management firm specializing in real estate, was founded in 1966 and is based in Chicago, IL. At the time of investment, Heitman had more than 250 employees.

Website: https://www.heitman.com/

Investment Approach Initial Investment Role in the Portfolio
HART is an open-end, diversified core fund that aims to create a high-quality, low-risk portfolio of stabilized, income-producing assets in prime locations. The fund invests in office, apartment, retail, industrial and self-storage properties across the U.S.
  • $60,000,000 commitment to Heitman America Real Estate Trust (HART) in 2013.
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

J.P. Morgan Investment Management Inc. (JPMIM), incorporated in the state of Delaware in 1984, is an SEC-registered investment advisor and an indirect wholly owned subsidiary of JPMorgan Chase & Co., a publicly traded corporation that is listed on the New York Stock Exchange. At the time of investment, JPMorgan had 160 real estate professionals.

Website: https://www.jpmorganfunds.com/

Investment Approach Initial Investment Role in the Portfolio
  • JPMCB Strategic Property Fund is an open-end, diversified core fund that seeks to outperform the NFI-ODCE Value Weighted Index through asset, geographic and sector selection and active asset management. The fund invests in high-quality, stabilized assets in the four major property types: office, industrial, multi-family and retail. SPF focuses on the larger primary economic markets within the U.S. and does not invest in non-core sectors such as hospitality, assisted living, self-storage, etc.
  • JPMorgan Alternative Property Fund is a core-plus/value-add fund that is in liquidation. When it was formed, the Fund sought to invest in alternative real estate assets in the U.S. as well as traditional and alternative real estate assets in Canada, Mexico and the Caribbean. The investment types included hotels and resorts, medical office, senior housing and assisted living, self-storage, manufactured housing, for-sale housing, condominiums and land subdivisions, parking facilities, student housing, and biotechnology and laboratory facilities.
  • $50 million commitment to JPMCB Strategic Property Fund (SPF) in 2005 and an additional $25 million commitment in 2013
  • $20 million commitment to JPMorgan Alternative Property Fund (APF) in 2005
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

A division of Morgan Stanley, the Merchant Banking & Real Estate Investing group invests capital in direct real estate on behalf of institutional clients. Morgan Stanley began its real estate investment advisory business in 1991 and it is based in New York, NY. At the time of investment, the firm had more than 225 employees dedicated to its U.S. real estate investment business.

Website: http://www.morganstanley.com/what-we-do/investment-management/merchant-banking/global-real-estate/

Investment Approach Initial Investment Role in the Portfolio
Prime Property Fund is an open-end diversified core fund investing in office, retail, residential, hotel, industrial and self-storage assets located primarily in major metropolitan markets and submarkets across the United States.
  • $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The firm was founded in 2012 and is based in San Francisco, CA.

Website: http://www.homesteadcapital.com/

Investment Approach Initial Investment Role in the Portfolio
Homestead Capital USA Farmland seeks to acquire undervalued farms and apply a well-defined set of initiatives to improve the value of the properties post acquisition.
  • $25,000,000 commitment to Homestead Capital USA Farmland Fund III in August 2018
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

The firm was founded in 2012. At time of investment, the firm employed 47 investment professionals, operating partners, senior industry and policy advisors, and joint venture partners. Headquartered in New York, NY, the firm has six offices globally, two in the U.S., one in Europe and three in Asia.

Website: http://www.isquaredcapital.com

Investment Approach Initial Investment Role in the Portfolio
The fund invests and manages infrastructure assets globally, with a focus on North America, Europe and other growth economies in emerging markets within Asia and Latin America. The fund's primary sectors for investment are energy, utilities (water and waste management), and transportation. The majority of the fund's capital will be invested in brownfield assets, with up to 25% in greenfield projects.
  • $50,000,000 commitment to ISQ Global Infrastructure Fund in 2014
  • $40,000,000 commitment to ISQ Global Infrastructure Fund II in 2017
  • $50,000,000 committed to ISQ Global Infrastructure III and $10,000,000 committed to ISQ III Co-Investment in 2020
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

IFM Investors is a leading global fund manager with a strength in infrastructure investments. Established more than 20 years ago and owned by 30 major profit-for-members Australian pension funds, IFM Investors is deeply aligned with the interests of their institutional investors. The head office is in Melbourne, Australia, with additional offices in Sydney, New York, NY, London, Berlin and Tokyo. At the time of investment, the firm had 46 investment professionals dedicated to infrastructure.

Website: http://www.ifminvestors.com

Investment Approach Initial Investment Role in the Portfolio
The Global Infrastructure Fund's strategy seeks to invest in core brownfield infrastructure assets, with a selective approach to greenfield investments. It targets core infrastructure assets with strong market positions, high barriers to entry, limited demand elasticity, long lives and typically an inherent link to inflation. Geographically, it targets assets in North American and European countries with established regulatory environments and strong rule-of-law.
  • $50,000,000 commitment to IFM Global Infrastructure Fund in 2013
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

Star America Infrastructure Partners is a U.S.-based infrastructure manager focused on U.S. greenfield assets helping to rebuild America’s infrastructure. The firm was founded in 2011 and primarily based in Roslyn Heights, New York.

Website: https://starinfrapartners.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund will primarily focus on greenfield infrastructure projects that are at or near the beginning of construction. Star will seek to be the controlling equity partner with development consortiums bidding on new infrastructure projects sponsored by various government bodies in North America. Star will also invest in revenue-risked assets and brownfield assets requiring significant redevelopment that may require additional efforts to mitigate downside risk but have the potential for higher returns.
  • $20,000,000 commitment to the Star America Infrastructure Fund II in 2019
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.

Stonepeak Partners, founded in 2011 and headquartered in New York is an independently-owned private infrastructure investment firm.

Website: http://stonepeakpartners.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in North American middle-market infrastructure, primarily in the following sectors: power generation and utilities, water, energy, communications, and transportation.
  • $50,000,000 commitment to the Stonepeak Infrastructure Fund II LP in September 2015
  • $10,000,000 commitment to Stonepeak II-C in 2016
  • $35,000,000 commitment in Stonepeak III 2018
  • $10,000,000 commitment to Stonepeak II-C in 2019
  • $50,000,000 commitment to Stonepeak IV and $10,000,000 increase in commitment to coinvestment
 This investment is part of the 8% ERSRI policy allocation to inflation protection strategies.