Thomas Coleman

Portfolio Manager, Real Assets @Virginia Retirement System

Public portfolio strategy: Restructured global REIT portfolio to improve return characteristics. Derived rebalancing guidelines based on tracking error targets and optimized to benefit from valuation discounts while accounting for momentum. Originated three public infrastructure and natural resources accounts. Private portfolio strategy: Originated seven private real estate accounts 20••••20 totaling $750 million, of which four were 1st quartile and three were 2nd quartile. Originated 12 private equity energy accounts 20••••21 totaling $1.0 billion, of which nine were 1st quartile, one was 2nd quartile, and two were 3rd quartile. Originated three private equity infrastructure accounts, five private debt energy accounts, and four private debt mining accounts. Analysis: Captured historical REIT data (cap rates, leverage, etc.) and used SQL database to present time series trends by property type. Created analysis of office and apartment construction data in order to provide a granular view of multifamily rent/occupancy prospects. Maintained property database and currency reports to evaluate tilts versus benchmarks. Investment analysis: Analyzed manager track records in terms of loss probabilities and severities. Created Monte Carlo analysis to evaluate return distribution of subordinated debt strategies. Calculated time series of Jensen alpha for prospective managers and adjusted results to account for different sub-sector allocations as compared to the benchmark indices. Combined operating and financial leverage into one risk statistic for comparative analysis. Underwriting and negotiation: Underwrote and negotiated 37 new accounts with total commitments of $3.72 billion, including closed-end funds, open-end funds, separate accounts, co-investments, and joint ventures. Team building: Helped recruit and train minority team members to increase diversity of Real Assets team.