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According to Pensions & Investments' latest money manager survey, 2024 was another disappointing year. According to NCREIF, in the 12 months ended March 31, investments in open-end diversified real estate funds increased 70.4%, compared to an increase of 33.6% in the year ended 2024. A lot of folks raised capital, but they are on the sidelines,\" said Julie Ingersoll, chief investment officer for Americas direct real estate strategies at CBRE Investment Management. According to CBRE Investment Management's global house view released in May, stagflation will keep interest cuts to two this year and keep 10-year bonds in the low 4% range in 2025, keeping borrowing costs elevated for real estate.

According to a report for the council's Jan. 22 meeting, OPERF's private equity portfolio underperformed its benchmark for all time periods, including 7.2% internal rate of return compared to its benchmark of 39.2% for the year ended Sept. 30. [...]the pension fund is overweight private equity, he added. The biggest sellers were financial institutions and insurance companies, accounting for 27%, followed closely by pension funds at 25%. According to Lazard, the average price of early stage venture capital and late stage venture capital increased 3.9% and 3.1%, respectively.

Gilmore originally unveiled his signature effort to move toward a total portfolio investment approach to the board last November, after four months on the job at California Public Employees' Retirement System, Sacramento. Currently, using the strategic asset allocation approach \"the board signs off on a fairly specific portfolio and there are benchmarks for 11 different asset classes.\" Board education day Gilmore made a similar pitch a day earlier at the board's education day assisted by Howard Marks, co-chairman of credit manager $205 billion Oaktree Capital Management, whom Gilmore said is known for his \"thought leadership about balancing risk and return.\"