Key Takeaways
- • Markets Group's Sidelines coverage of the 10th Annual Real Estate West Forum, held October 2026 at The Ritz-Carlton, Half Moon Bay, gathered pension trustees, foundation investors, a county treasurer and family office CIOs to discuss where their next real estate dollar goes.
- • Participants expressed divergent allocation views: several favored cash or waiting, while others pointed to real estate debt, California agriculture, industrial, senior housing and medical real estate.
- • Panelists and interviewees cited higher-for-longer interest rates, elevated 10-year yields and a maturity wall as key forces shaping real estate debt and equity timing.
- • Los Angeles Fire and Police Pensions received the Real Estate Strategy Award at the forum, backed by a private real estate portfolio of 50 investment vehicles across 36 investment partners.
Summary
Markets Group's Sidelines feature from the 10th Annual Real Estate West Forum, published October 22, 2026, reports that the two-day event moved from San Francisco to The Ritz-Carlton, Half Moon Bay for the first time. Attendees included public pension trustees, a county treasurer overseeing more than $7 billion in public funds, a health foundation's head of investments, foundation investment committee leaders, family office CIOs, RIAs and consultants. The event is invitation-only and closed-door.
The responses to a common question, where the next real estate dollar goes, varied widely. Dallas Police & Fire Pension System vice chair Tom Tull said he would hold cash, citing 10-year rates climbing, a midterm cycle and stocks near historical highs, and described the moment as a good time to "kick tires." Steve Biggs of The Mather Group directed his next dollar to real estate debt, arguing that higher rates have slowed new construction and could set up a healthier cycle over time. Saint Francis Foundation's Martha Delgado said real estate debt would be hard to ignore as a source of differentiated yield under a total portfolio approach. Neeraj Rama, CIO of Comprehensive Blood & Cancer Center and the Bodhi family offices, pointed to California agriculture in the Central Valley. Jasmine Nazari of Urban Green Investments said industrial remains the "belle of the ball," and Damien Charléty of the AC Transit Employees' Retirement Plan said senior housing was the panel consensus. Data centers drew a note of caution from several participants.
Valerie Red-Horse Mohl of The California Endowment argued that every dollar should deliver measurable impact alongside measurable return, pointing toward affordable housing. Henry Levy, Alameda County Treasurer and ACERA trustee, cited place-based investing and said his focus as a trustee is risk-adjusted returns. Matthew Faulkner of the City of San José Office of Retirement Services said every market has both opportunities and struggles.
The forum also presented the Real Estate Strategy Award to Los Angeles Fire and Police Pensions, accepted by investment officer Claire Su Kyung Magallanes from Maddi Heckman of Markets Group. The system's private real estate portfolio includes 50 investment vehicles across 36 investment partners. The source article could not be fully retrieved, so this summary relies on the available coverage.
The responses to a common question, where the next real estate dollar goes, varied widely. Dallas Police & Fire Pension System vice chair Tom Tull said he would hold cash, citing 10-year rates climbing, a midterm cycle and stocks near historical highs, and described the moment as a good time to "kick tires." Steve Biggs of The Mather Group directed his next dollar to real estate debt, arguing that higher rates have slowed new construction and could set up a healthier cycle over time. Saint Francis Foundation's Martha Delgado said real estate debt would be hard to ignore as a source of differentiated yield under a total portfolio approach. Neeraj Rama, CIO of Comprehensive Blood & Cancer Center and the Bodhi family offices, pointed to California agriculture in the Central Valley. Jasmine Nazari of Urban Green Investments said industrial remains the "belle of the ball," and Damien Charléty of the AC Transit Employees' Retirement Plan said senior housing was the panel consensus. Data centers drew a note of caution from several participants.
Valerie Red-Horse Mohl of The California Endowment argued that every dollar should deliver measurable impact alongside measurable return, pointing toward affordable housing. Henry Levy, Alameda County Treasurer and ACERA trustee, cited place-based investing and said his focus as a trustee is risk-adjusted returns. Matthew Faulkner of the City of San José Office of Retirement Services said every market has both opportunities and struggles.
The forum also presented the Real Estate Strategy Award to Los Angeles Fire and Police Pensions, accepted by investment officer Claire Su Kyung Magallanes from Maddi Heckman of Markets Group. The system's private real estate portfolio includes 50 investment vehicles across 36 investment partners. The source article could not be fully retrieved, so this summary relies on the available coverage.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.