BLACK ROCK FINANCIAL MANAGEMENT INC at Pennsylvania Public School Employees' Retirement System

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This Advisory Agreement, effective September 5, 2022, for a term of five years, formalizes the engagement of MARATHON ASSET MANAGEMENT LIMITED by the Commonwealth of Pennsylvania, Public School Employees' Retirement System (PSERS), to serve as a non-U.S. equity investment advisor and manager. The agreement details the ADVISOR's responsibilities, standard of care, and a tiered compensation structure based on assets under management. It also includes comprehensive legal, compliance, reporting, and insurance provisions, along with standard Commonwealth contract terms and conditions.

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The Commonwealth of Pennsylvania, Public School Employees' Retirement System (PSERS) is formally renewing its subscription to Gavekal USA, Inc.'s Global and China research services for an additional one-year term. This renewal is effective July 1, 2025, and continues under the terms and conditions of the original Purchase Order 4300751180.

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This Advisory Agreement, effective July 5, 2022, is between the Commonwealth of Pennsylvania Public School Employees' Retirement System (PSERS) and Radcliffe Capital Management, L.P. (ADVISOR). PSERS engages the ADVISOR to manage ultra-short duration investments for a portion of its Fund assets. The ADVISOR's compensation comprises a Management Fee of 0.25% on assets under management and a Performance Fee of 20% of monthly excess performance, capped at 0.90% of average monthly NAV, as detailed in Exhibit A. The agreement has a five-year term, expiring on July 5, 2027, and includes comprehensive terms and conditions covering services, compensation, indemnification, confidentiality, and compliance.

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This "Separate Account Investment Management Agreement" between the Commonwealth of Pennsylvania Public School Employees' Retirement System (PSERS) and PGIM, INC., effective January 1, 2023, outlines PGIM's role in acquiring, managing, and disposing of farmland investments for PSERS. The agreement details PGIM's services, standard of care, acquisition process, and compensation structure, which includes acquisition fees, asset management fees, and incentive fees based on performance. It also incorporates investment guidelines, an investment allocation policy, and standard Commonwealth contract provisions. The contract has a term of five years, expiring on December 31, 2027.