Steve Zahn

The Board received presentations regarding the domestic fixed-income portfolios and reviewed market conditions and investment performance. The Executive Director provided an operational update, noting portfolio performance, global market volatility, and progress on the Emerging Markets Debt Manager RFP. The Board approved investments in two infrastructure funds, authorized the hiring of a new Chief Financial Officer, and reviewed and approved financial statements for the fourth quarter of the previous fiscal year. Additionally, the Board reviewed the upcoming Trustee election schedule and nominating petition forms, and received reports on the private markets investment program.

The committee held a meeting to discuss the selection of Infrastructure Large Market Non-Core Funds, resulting in the approval of Tiger Infrastructure Partners Fund IV and SDC Digital Infrastructure Fund V. Additionally, the committee reviewed and approved legal fee revisions for several firms. Representatives from the General Investment Consultant provided an overview of market conditions and investment performance, while the Private Markets Consultant presented an update on the private markets program and an educational presentation on asset classes and the organization's strategic plan.

The committee reviewed the financial statements for the months of October, November, and December 2025. A cash flow update was provided regarding contributions and withdrawals from July 2025 through January 2026. Additionally, the committee received updates on the status of fiscal year 2025 actuarial statements, which showed an 8.1% increase in required minimum contributions, and progress reports on the ongoing Article 4 audits, with the final tranche expected in April.

The committee meeting agenda includes the consideration of an emerging market debt fixed income finalist and private equity large market buyout funds. The committee will review a business continuation plan, update job descriptions, and receive reports from consultants regarding private markets and general investments. Additionally, the committee plans to discuss an investment software update, securities litigation monitoring, non-transferable assets, and take action on closed session minutes.

The committee deliberated on matters concerning the sale or purchase of investments and reviewed closed session recordings. A presentation was received regarding the Global Infrastructure Partners Mid-Market Fund V, though no formal action was taken. Additionally, the committee received an update concerning personnel and ownership changes at the Macquarie Group and authorized the disposal of specific previous closed session recordings.