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2020 Third Quarter Real Estate Performance Report

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2020 Third Quarter Real Estate Performance Report 13. Presentation by StepStone Group – 2020 Third Quarter Real Estate Performance Report 13 Quarterly Real Estate Monitoring Report For the period ended September 30, 2020 Report prepared for: WATER AND POWER EMPLOYEES' RETIREMENT PLAN IMPORTANT INFORMATION This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Alternative Investments AG and Swiss Capital Invest Holding (Dublin) Ltd. or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values calculated in accordance with StepStone’s Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long‐term value of these investments may be lesser or greater than the valuations provided. StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax‐ related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest Each of StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP and StepStone Conversus LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor and an Alternative Investment Fund Manager authorized by the Central Bank of Ireland and Swiss Capital Alternative Investments AG (“SCAI”) is an SEC Exempt Reporting Adviser and is licensed in Switzerland as an Asset Manager for Collective Investment Schemes by the Swiss Financial Markets Authority FINMA. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. In relation to Switzerland only, this document may qualify as "advertising" in terms of Art. 68 of the Swiss Financial Services Act (FinSA). To the extent that financial instruments mentioned herein are offered to investors by SCAI, the prospectus/offering document and key information document (if applicable) of such financial instrument(s) can be obtained free of charge from SCAI or from the GP or investment manager of the relevant collective investment scheme(s). Further information about SCAI is available in the SCAI Information Booklet which is available from SCAI free of charge. All data is as of September 30, 2020, unless otherwise noted. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY. I. EXECUTIVE SUMMARY PERFORMANCE SUMMARY StepStone Group LP (“StepStone”) was engaged by Water and Power Employees' Retirement Plan to provide Real Estate services for prospective investment opportunities, as well as portfolio management on Water and Power Employees' Retirement Plan's portfolio (the “Portfolio”). The inception date of the Portfolio is December 2006. The following table illustrates the Portfolio's since inception investment performance as of September 30, 2020 as well as the change in performance from the prior quarter‐end and the end of the same quarter in the prior year. The Portfolio’s since inception net Internal Rate of Return (“IRR”) now stands at 7.3% at September 30, 2020, which is down 14 basis point(s) quarter‐over‐quarter. Amounts in USD millions INCEPTION TO INCEPTION TO INCEPTION TO SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 QUARTERLY ∆ ANNUAL ∆ Number of Managers 24 23 23 11 Number of Investments 41 40 37 14 Number of Active Investments 38 37 34 14 Committed Capital $1,803.9 $1,728.9 $1,478.9 $75.0 $325.0 Unfunded Commitment 588.2 524.1 448.2 64.1 139.9 Total Exposure 1,740.2 1,671.7 1,515.4 68.5 224.8 Contributed Capital 1,407.6 1,398.1 1,220.1 9.5 187.5 Distributed Capital 675.7 660.1 576.4 15.6 99.3 Market Value 1,152.1 1,147.6 1,067.2 4.5 84.9 TOTAL VALUE $1,827.8 $1,807.8 $1,643.5 $20.0 $184.2 Total Gain/(Loss) 420.1 409.6 423.4 10.5 (3.3) Net DPI 0.48x 0.47x 0.47x 0.01x 0.01x Net TVM 1.30x 1.29x 1.35x 0.01x (0.05x) Net IRR 7.3% 7.4% 8.5% ‐14 bps ‐123 bps Past performance is not necessarily indicative of future results and there can be no assurance that the investment will achieve comparable results or avoid substantial losses. CURRENT PORTFOLIO TARGET TOTAL PLAN TOTAL EXPOSURE NAV ALLOCATION ASSET Value $1,152.1 $1,740.2 $1,320.3 $16,503.2 % of Total Plan Asset 7.0% 10.5% 8.0% 100.0% PERIODIC TWR PERFORMANCE The following table illustrates the Portfolio's periodic time‐weighted returns (“TWR”) for the period ended September 30, 2020 by attribution for gross level returns, as well as a total net return over the respective time periods. QTR1 YTD1 1‐YR 2‐YR 3‐YR 5‐YR ITD Income 1.0% 2.2% 3.3% 4.0% 4.2% 4.8% 5.5% Appreciation 0.3% (4.2%) (2.6%) 0.9% 3.5% 4.7% 1.9% Total Gross Return 1.3% (2.1%) 0.7% 4.9% 7.8% 9.6% 7.5% Total Net Return 0.9% (2.5%) (0.3%) 3.5% 5.9% 7.5% 5.6% 1 Quarterly and year‐to‐date returns are unannualized. The following table illustrates the Portfolio's TWRs by calendar year. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Gross Returns 20.7% 19.3% 15.1% 16.7% 15.6% 14.8% 10.6% 14.5% 10.6% 10.9% (2.0%) Net Returns 17.9% 17.0% 13.1% 14.0% 13.2% 12.1% 8.8% 11.0% 8.2% 9.0% (2.6%) Water and Power Employees’ Retirement Plan 1 PORTFOLIO RETURNS The following graph depicts the Portfolio’s periodic total TWRs compared to benchmarks for the period ended September 30, 2020. TOTAL RETURNS vs. BENCHMARKS 12.0% 10.0% 9.6% 7.8% 8.0% 7.5% 7.5% 7.2% 6.8% 5.9% 6.0% 5.6% 5.6% 4.0% 2.5% 2.0% 1.3% 0.9% 0.9% 0.8% 0.7% 0.0% (0.3%) ‐2.0% (2.1%) (2.5%) ‐4.0% QTD YTD 1‐YR 3‐YR 5‐YR ITD Gross TWR Net TWR NCREIF (+50 bps) Note: The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented. Water and Power Employees’ Retirement Plan 2 QUARTERLY VALUATION MOVEMENT The valuation bridge below illustrates the net gain/loss that occurred during the quarter generated by the Portfolio's underlying investments.
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