Real Estate Partnership - Employees' Retirement System Distributions and Net Asset Value (As of 03/31/2016)

Sep 11, 2026

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Real Estate Partnership holdings as of 03/31/2016 for the Employees' Retirement System are summarized by underlying investment partnerships and their stated vintage years. For each fund, the document presents commitment amounts, commitment drawn, distributions, and net asset value figures. It also includes portfolio-level performance metrics, such as total portfolio net IRR and total portfolio multiple, with a note that these totals incorporate separate accounts.

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Real Estate Partnership Summary

Portfolio Metrics and Notes

| Employees' Retirement System As of 03/31/2016
Real Estate Partnership | Courtland Partners, Ltd. | | | | | Distributions | | Net Asset Value | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | of the State of Hawaii | | | Commitment Drawn | | | | | | | | Vintage Year | Commitment | | | | | | | | | Almanac VI | 2012 | $ | 20,000,000 | $ | 11,876,286 | $ | 6,734,596 | $ | 8,962,899 | | Almanac VII | 2015 | $ | 40,000,000 | $ | 8,991,753 | $ | 176,676 | $ | 9,391,289 | | Angelo, Gordon Core Plus Realty Fund II | 2006 | $ | 50,000,000 | $ | 47,250,000 | $ | 59,739,182 | $ | 4,049,449 | | Angelo, Gordon Core Plus Realty Fund III | 2011 | $ | 25,000,000 | $ | 23,923,586 | $ | 21,816,962 | $ | 16,674,137 | | Angelo, Gordon Core Plus Realty Fund IV | 2015 | $ | 40,000,000 | $ | 6,400,000 | $ | 40,000 | $ | 6,304,977 | | BlackSand Capital Opportunity I | 2011 | $ | 20,000,000 | $ | 14,930,013 | $ | 14,473,855 | $ | 5,165,653 | | Blackstone VII | 2011 | $ | 20,000,000 | $ | 22,476,436 | $ | 11,486,611 | $ | 20,984,418 | | CBRE Strategic Partners V | 2007 | $ | 50,000,000 | $ | 50,000,000 | $ | 70,763,846 | $ | 21,563 | | CBRE Strategic Partners VI | 2012 | $ | 20,000,000 | $ | 19,698,540 | $ | 10,933,188 | $ | 17,481,000 | | CBRE Strategic Partners VII | 2014 | $ | 20,000,000 | $ | 18,303,922 | $ | 149,888 | $ | 19,583,923 | | Fortress Japan II | 2011 | $ | 17,391,304 | $ | 23,641,642 | $ | 16,231,887 | $ | 16,387,543 | | Fortress Japan III | 2015 | $ | 17,300,000 | $ | 3,806,000 | $ | 39,955 | $ | 4,609,647 | | H2 Core Real Estate Debt Fund | Open | $ | 30,000,000 | $ | 30,000,000 | $ | 485,012 | $ | 30,401,357 | | LaSalle Income and Growth V | 2007 | $ | 50,000,000 | $ | 46,425,631 | $ | 70,235,297 | $ | 7,480,941 | | Lone Star VII | 2010 | $ | 25,000,000 | $ | 23,849,860 | $ | 38,294,036 | $ | 4,608,265 | | Lone Star Real Estate Fund II | 2010 | $ | 15,000,000 | $ | 13,069,804 | $ | 17,097,556 | $ | 2,855,190 | | Mesa West Real Estate Income Fund III | 2012 | $ | 20,000,000 | $ | 15,151,344 | $ | 1,435,639 | $ | 15,484,603 | | Prudential Senior Housing Partners IV | 2011 | $ | 20,000,000 | $ | 17,705,379 | $ | 5,807,155 | $ | 18,248,385 | | Prudential Senior Housing Partners V | 2015 | $ | 25,000,000 | $ | 3,837,195 | | | $ | 3,620,571 | | Torchlight Debt Opportunity Fund V
*Total Portfolio Net IRR: 8.1%
*Total Portfolio Multiple: 1.53x | 2015 | $ | 40,000,000 | $ | 6,000,715 | | | $ | 5,632,350 | * Total Portfolio Net IRR and Multiple are Inclusive of Separate Accounts

FAQs

What date does the real estate partnership information cover?

The summary is as of 03/31/2016.

Which investment attributes are listed for each partnership?

Each entry includes vintage year, commitment, commitment drawn, distributions, and net asset value.

How are the portfolio-level net IRR and multiple calculated?

The total portfolio net IRR and multiple are stated as inclusive of separate accounts.

Sep 11, 2026

Upload by Fahsai