Steve Zahn

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.

The committee reviewed the fiscal year 2025 annual comprehensive financial report and recommended its adoption to the Board of Trustees. Additionally, they approved a small purchase to retain Amaces for a global custody and asset servicing assessment and recommended a slate of finalists for the role of Article 4 auditors. The committee also accepted the monthly financial statements for July, August, and September 2025 and received an update on cash flow activities for the same period.

The Board discussed performance, costs, and strategic goals, including the six-year anniversary of the fund's inception. An overview of the private credit portfolio was presented, highlighting diversification and risk mitigation. The Board received reports from the Investments and Operations Committee, Audit and Compliance Committee, and Elections Committee, which included the approval of an infrastructure investment, financial statements, an annual comprehensive financial report, and amendments to election rules. Additionally, the Board took action on revisions to the Fiscal Year 2026 budget and updated authorized signatories for operational continuity.

The committee discussed and reviewed proposed amendments to Chapter 3 of the Firefighters' Pension Investment Fund Rules. Following the review and confirmation that no public comments were received during the first notice period, the committee approved the amendments for a second public notice.

The committee discussed proposed amendments to Chapter 6 of the FPIF Rules for a second public notice. A small purchase contract for tax consulting services with Ernst & Young LLP was approved, with plans noted to issue an RFP for future tax services. The committee selected the Global Infrastructure Partners Mid-Market Fund V as an Infrastructure Large Market Non-Core Fund following an executive session. Reports were presented by the General Investment Consultant regarding market conditions and investment performance, and by the Private Markets Consultant on the status of annual commitments across various asset classes. Additionally, the committee authorized the disposal of specific closed session recordings.