b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025 AND 2024NOTE 7CASH, TEMPORARY INVESTMENTS, AND OTHER INVESTMENTS (Continued)Fair Value of Investments (continued)Real estate separate account investments are valued based on an independent appraisal or other methods using various techniques including models. Real estate separate accounts are scheduled for independent appraisal on a rolling 3-year period. The Systems investments such as private equity and private credit partnerships, commingled real estate funds, asset/mortgage-backed security funds and commercial mortgages are valued using the net asset value (NAV). Real estate pooled investments are valued based on an independent appraisal or other methods using various techniques including models. Investments measured at the NAV ($ in thousands):Redemption UnfundedFrequency (ifRedemption Investment Strategy Fair Value Commitments currently eligible) Notice PeriodPrivate Equity funds and Partnerships $6,195,146 $2,652,493 N/A -Private Credit funds and Partnerships215,677369,614 Quarterly -Real Estate (1) 1,271,728599,290 Quarterly 90 -179 daysCorporate Debt Securities32,196 - Anytime - Total Investments measured at NAV$7,714,747(1) Thistypeinvestmentincludes$719.1millionofcommingledrealestatecommittedandfundedthat can beredeemedquarterlywith90 to 179 daysredemptionnoticeperiod. 40SECTION 2FINANCIALS 55'